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Panasonic Strikes $1.55B Deal for Refrigerator Case Maker Hussmann

Japan's Panasonic has agreed to pay $1.55 billion to acquire Bridgeton, Mo. refrigeration and freezer display case maker Hussmann.
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Japan's Panasonic has agreed to pay $1.55 billion to acquire Bridgeton, Mo. refrigeration and freezer display case maker Hussmann. The selling shareholders are Clayton, Dubilier & Rice and Ireland's Ingersoll-Rand Inc. (IR), which in 2011 sold the buyout firm 60-percent of Hussmann for $370 million and retained a 40-percent holding. Ingersoll-Rand said it expects net proceeds of $400 million for its shares in Hussmann's parent entity. It anticipates that the deal will close by the end of June. 'Selling our remaining ownership in Hussmann provides immediate value to our shareholders and will provide additional cash for value-accretive deployment in 2016,' said Michael W. Lamach, chairman and chief executive officer of Ingersoll Rand. Panasonic said it wants to use Hussmann as the basis of its North American food distribution business. It expects the deal to close on April 1 and said it will finance the cost from existing resources. The Deal's Senior Reporter Lisa Allen has the details from New York.

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