Room air conditioner giant Fedders is looking to broaden its penetration of the indoor air-quality market via its pending acquisition of Trion, which manufactures residential and commercial air cleaners, filters, humidifiers and dust collectors.
Through a tender offer that began July 15 and runs through August 11, Fedders is buying Sanford, N.C.-based Trion's stock for $5.50 per share through a wholly owned subsidiary, TI Acquisition. After the acquisition, contingent upon Fedders' acquiring at least 80% of Trion's stock, Trion will become a Fedders subsidiary.
Sal Giordano Jr., Fedders' CEO, said Trion's line of indoor air-quality products "is complementary to Fedders' existing product line of air conditioners and dehumidifiers," as well as being "counter-seasonal" to the firm's current products. He described the planned acquisition as "strategically important to the growth of both companies."