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RHEEM ANNOUNCES INTENT TO ACQUIRE FRIEDRICH AIR CONDITIONING

2021-07-22

ATLANTA – JULY 22, 2021 – Rheem has announced its intent to acquire Friedrich Air Conditioning, a 138-year-old manufacturer of premium air conditioning products, from Monomoy Capital Partners.

Friedrich is a manufacturer of room air conditioning, dehumidification and air purification products for residential and commercial applications. It is a recognized industry leader in high-end air conditioning solutions designed for single-room use in hotels and multi-family buildings.

Founded in 1883, the company is based in San Antonio with manufacturing in Monterrey, Mexico and distribution centers in Texas and New Jersey.

“Friedrich has steadily innovated its residential and commercial offerings and grown its market share,” said Mike Branson, President, Global Air at Rheem. “They will bring a unique air conditioning product portfolio along with specialized products to the Rheem family of brands. Friedrich’s product offerings, company history and industry expertise make this acquisition a perfect fit for Rheem. Together, we will harness the power of our talented workforce and enhance our ability to deliver reliable and energy-efficient products that our customers and contracting partners expect.”

Upon the close of the acquisition—which is subject to additional regulatory approval—Friedrich will be a standalone business unit within the Rheem Global Air business.

About Rheem

Founded in 1925, Rheem® innovates new ways to deliver precise temperatures while saving energy, water and supporting a more sustainable future. Rheem is America’s #1 water-heating brand with products available in more than 80 countries. Paloma Co., Ltd.® of Nagoya, Japan, acquired the iconic Rheem brand in 1988, and today the company’s portfolio of premium brands include Rheem®, Raypak®, Ruud®, Eemax®, Richmond®, Splendid®, Solahart® and EverHot™ as well as commercial refrigeration brands Russell®, Witt®, ColdZone® and Kramer®, which are part of the Heat Transfer Products Group (HTPG®) division.

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