Fedders acquires 80% of Islandaire

Fedders Corp. purchased 80 percent of through-the-wall PTAC/heat-pump maker Islandaire from its founder, with plans to buy the remaining 20 percent within three years. Islandaire (to be renamed Fedders Islandaire) had ~$26M in 2004 sales.

“Fedders Corp. announced that it has purchased 80 percent of the stock of Islandaire Inc. from its founder and sole shareholder, Robert E. Hansen Jr., for a combination of cash and preferred stock.”

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