Fedders
Acquires Polenz GmbH, Premier Air Treatment Products
Distributor In Germany
CONTACT:
Michael Giordano
(908) 604-8686
investorrelations@fedders.com
LIBERTY
CORNER, New Jersey -- March 14, 2001 -- Fedders
Corporation (NYSE: FJA; FJC), a leading global manufacturer
of air treatment products, including air conditioners,
air cleaners, dehumidifiers and humidifiers, and
thermal technology products, today announced that
it has acquired Polenz GmbH, the premier air treatment
products distributor in Germany, from Senior plc.
Headquartered in Norderstedt, Polenz distributes
a broad line of heating, ventilating, and air conditioning
products.
Polenz has ten sales offices and service centers
located throughout Germany and distributes products
under leading industry brand names as well as under
its own brands.
Commenting on the acquisition, Fedders Chief Executive
Officer, Sal Giordano, Jr. stated, "Polenz's
well-established distribution of air treatment products
in Germany should enable Fedders to expand sales
of its commercial and industrial products, including
cleanroom fan filter units for the semi-conductor,
medical, and pharmaceutical industries, environmental
control systems for the wireless telecom industry,
and advanced electronic air cleaning and humidification
systems."
Ulrich Thaufelder, Managing Director of Polenz GmbH,
commented, "We are pleased to be a part of
Fedders Corporation, a company that has over 100
years experience in heat transfer. Fedders products
perfectly complement our existing products and distribution
and we look forward to serving a broader part of
the air treatment market."
Polenz had 54 million DM (US$25.6 million) in revenues
in 2000. The purchase price was not disclosed.
TM Capital Corp. served as financial advisor to
Fedders Corporation in connection with this transaction.
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.
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