Fedders Sells Its Melcor Thermal Management Business
CONTACT:
Robert Laurent, Jr.
(908)604-8686
investorrelations@fedders.com
LIBERTY CORNER, New Jersey, October 26, 2005 -- 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 www.fedders.com to access additional information on Fedders.
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