May 18, 2015
Written by American Coin-Op Staff
BENTON HARBOR, Mich., and FALL RIVER, Mass. — Whirlpool Corp. has entered into an agreement to acquire American Dryer Corp. (ADC), a privately held manufacturer of coin-operated, on-premise, industrial and specialty laundry equipment, it was announced Monday afternoon.
Whirlpool brand Maytag Commercial Laundry and ADC each made the announcement via separate press releases.
Terms of the planned transaction will not be disclosed, the companies say.
Whirlpool says the planned acquisition gives its commercial laundry business a platform to reach new markets and channels.
“Acquiring ADC strengthens our commitment to the commercial laundry industry and is aligned to our objectives of driving growth in adjacent businesses,” says Jeff M. Fettig, Whirlpool Corp. chairman and CEO. “We believe this acquisition nicely complements our leadership position in the overall laundry category.”
“The acquisition of ADC by Whirlpool is an important milestone in the evolution of innovative global commercial laundry equipment,” says Chris FitzGerald, CEO of ADC. “Whirlpool Corp. commercial laundry business and ADC are each leaders in global commercial laundry innovation and development. Together they will be able to offer an impressive array of commercial laundry equipment as well as significant research and development capabilities.
“I firmly believe this combination will be good for both Whirlpool and ADC, and just as importantly it will be good for ADC’s customer base due to the expanded product portfolio as well as the combined strength of the two companies in manufacturing and R&D.”
Massachusetts-based ADC is home to approximately 230 employees, a 300,000-square-foot manufacturing facility, and a state-of-the-art engineering and design center.
Whirlpool expects to close on the ADC purchase in early July, with integration activities happening throughout the balance of 2015.