·       With the acquisition, Danfoss is investing significantly in broadening its scope of sustainable, clean technologies to speed up the green transition in commercial refrigeration systems

·       The transaction is subject to regulatory approval and is expected to close no later than Q1 2023

FRICKENHAUSEN/NORDBORG – Danfoss has announced the intent to acquire compressor manufacturer BOCK GmbH, headquartered in Frickenhausen, Baden-Württemberg, Germany, from NORD Holding GmbH.

With over 50 years of history and assets under management of € 2.5 billion, NORD Holding is one of the leading private equity asset management companies in Germany.

Developing compressors for the natural refrigerant CO2 since 1993, BOCK is a global technology leader in the field of environmentally friendly, economical compressors.

 According to the International Institute of Refrigeration, refrigeration technology and air conditioning take up about 15% of the electricity consumption worldwide[1], making the quest for energy efficient solutions ever more relevant. Intelligent solutions, combining high energy efficiency and low-GWP refrigerants, both natural and synthetic, are the road to sustainable refrigeration and air conditioning.

By acquiring BOCK GmbH, Danfoss takes a proactive approach to further the development and use of low-GWP refrigerants to help abate global warming and to ensure the competitiveness of the industry.

With the acquisition, Danfoss adds the world's largest portfolio of semi-hermetic compressors for natural refrigerants such as CO2 (R744), hydrocarbons, and other low-GWP refrigerants to its already strong portfolio of oil-free centrifugal compressors, inverter-scroll, reciprocating and screw compressors, and condensing units.

With an existing workforce of around 350 compressor specialists worldwide and four manufacturing sites in Frickenhausen, Germany, Stribo, Czech Republic, Bangalore, India, and Suzhou, China, BOCK GmbH has built a strong reputation as a high-end, quality compressor manufacturer serving mobile and stationary refrigeration systems in transport, bus, retails, logistics, storage, and food processing.

The intent to acquire BOCK GmbH comes with a firm commitment to invest in the business, paving the way for green growth, and a more sustainable, energy efficient and decarbonized future. Danfoss is confirming its pledge to speed up the green transition by broadening its scope of sustainable technologies.

Danfoss Climate Solutions President Jürgen Fischer, says:

"It has never been more relevant to accelerate the green transition, and efficient compressors running with Low GWP refrigerants are instrumental to achieving that target. By expanding our portfolio with the BOCK range of semi-hermetic compressors we deliver on our promise to help our customers decarbonize. The potential for cutting CO2 emissions is huge!"

Danfoss Commercial Compressors President Kristian Strand adds:
"The acquisition will create a unique position in the market for Danfoss' Commercial Compressors business, and our customers will benefit from a complete compressor portfolio including semi-hermetic compressors for CO2, which will help in the transition to alternative refrigerants and greater energy-efficiency."

BOCK CEO Dr. Marcus Albrecht says: "This really is an exciting moment for all of us. After our strong and successful growth in the last two years, now becoming part of the Danfoss family will open new business opportunities for BOCK. Based on our close partnership, we can say with certainty that together we are ideally positioned to become one of the strongest players in the compressor business globally. Not only do we share the same ideas of how to develop the business, but we also have the same values when it comes to our people and how to drive growth."

The new compressor business from BOCK GmbH will be managed by Danfoss Commercial Compressors, part of Danfoss Climate Solutions.

BOCK GMBH

BOCK GmbH was founded in 1932 by Willhelm Bock and Hans Göldner in Stuttgart. The two founders started repairing refrigerators and cooling systems and began producing open piston compressors in 1935. Today, BOCK GmbH is a compressor manufacturer and innovation pioneer in industrial and commercial refrigeration technology, owned by NORD Holding GmbH.

BOCK is one of the world's technology leaders in the development of environmentally friendly, economical compressors, with one of the world's largest portfolios of compressors for natural refrigerants such as CO2 (R744), hydrocarbons and other low-GWP refrigerants. Their compressor range for hydrocarbons (HC) has the best reputation worldwide, and in the synthetic refrigerant sector, they invest in the further development of compressors with low-GWP refrigerants.

Today the company has a staff of around 350 people in four subsidiaries with production sites in Germany, Czech Rep., India, and China.

Read more at www.bock.de