Fedders acquires 80% of Islandaire PTAC manufacturer

Fedders Corp. purchased 80 percent of the stock of Islandaire Inc. from its founder for cash and preferred stock, intending to buy the remaining 20 percent within three years. Islandaire makes PTACs and heat pumps.

“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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