Refrigerated door maker sold for £375m

One of the world’s largest makers of glass doors for commercial refrigerators and freezers has been bought by a competitor in a deal valued at $602m (£375m).

Anthony International, a business that has been going for almost 60 years, will become part of the refrigeration and industrial division of fellow US manufacturer Dover Corporation.

Anthony operates globally with locations in the US, Italy, China and South Africa. It will swell Dover’s sales by more than $310m (£193m) a year and is expected to be “modestly accretive” to its new owner’s continuing earnings per share from 2013.

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“Anthony expands our portfolio of industry-leading technology in the refrigeration space and opens up the important convenience store market to all our product categories,” said Tom Giacomini, president and CEO of Dover’s Engineered Systems segment.

He said Anthony was the clear leader in the emerging “close-the-case” business. “By closing the case, or essentially installing doors on traditional open refrigeration cases, retailers can realise a significant improvement in their energy consumption,” he commented. “This compelling value proposition leads us to believe we are at the beginning of a long conversion cycle to closed cases.”

As well as commercial glass refrigerator doors, Anthony manufactures case lighting and display and merchandising systems.

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