Fedders Sells Its Melcor Thermal Management Business
26 Oktober 2005 - 3:00PM
PR Newswire (US)
LIBERTY CORNER, N.J., Oct. 26 /PRNewswire-FirstCall/ -- Fedders
Corporation (NYSE:FJC), a leading global manufacturer of air
treatment products, including air conditioners, furnaces, air
cleaners, dehumidifiers and humidifiers, today announced that it
has sold its non-core thermal management business, Melcor
Corporation, to Laird Technologies, Inc. of St. Louis, Missouri for
$17.4 million in cash. Laird, whose business is focused on thermal
management technology, is a division of a UK company, The Laird
Group, PLC. Commenting on the divestiture, Fedders' President,
Michael Giordano stated, "The sale of Melcor will further enable
Fedders to sharpen our strategic focus and resources on our core
residential, commercial and industrial air treatment businesses."
This news release includes forward-looking statements that are
covered under the "Safe-Harbor" clause of the Private Securities
Litigation Reform Act of 1995. Such statements are based upon
current expectations and assumptions. Actual results could differ
materially from those currently anticipated as a result of known
and unknown risks and uncertainties including, but not limited to,
weather and economic, political, market and industry conditions and
reliance on key customers. Such factors are described in Fedders'
SEC filings, including its most recently filed annual report on
Form 10-K. The company disclaims any obligation to update any
forward-looking statements to incorporate developments occurring
after release of this announcement. Visit the Fedders investor
information website at http://www.fedders.com/ to access additional
information on Fedders. DATASOURCE: Fedders Corporation CONTACT:
Robert Laurent, Jr. of Fedders Corporation, +1-908-604-8686, or Web
site: http://www.fedders.com/
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