Panasonic To Acquire Hussmann For $1.54 Bln

(RTTNews) - Japanese electronics maker Panasonic Corp. Monday agreed to buy a majority stake in US refrigeration systems maker Hussmann for over $1.54 billion.

Hussmann, based in Missouri, U.S., manufactures industrial refrigeration systems and freezer display case.

The closing of the deal is subject to anti-trust clearance in the US and other required countries, as well as other customary closing conditions.

Panasonic agreed to buy the stake from private-equity firm Clayton Dubilier & Rice and industrial conglomerate Ingersoll-Rand Holdings BV.

"This strategic acquisition will enable the combination of Hussmann's strengths in customer relationship, maintenance and services with Panasonic's wide-ranging technology and product lineup," Panasonic said in a news release.