Panasonic buying Bridgeton refrigeration firm Hussmann for $1.5 billion

Japanese electronics maker Panasonic Corp. is buying Bridgeton-based refrigeration firm Hussmann for $1.5 billion in a deal Panasonic says will leverage its technology and help it break into the U.S. food distribution industry.

Under the deal, announced Monday after a Reuters report, Panasonic will buy full control of Hussmann from private equity firm Clayton, Dubilier & Rice, the majority owner, and industrial group Ingersoll Rand, which retains a 36.7 percent stake after selling off a majority stake in 2011.

Mike Higgins, Hussmann’s senior vice president of marketing, said Monday it is too soon to know how the deal might affect employment levels in the St. Louis area.

The sale is set to close on April 1, pending regulatory approval.

Read more from the St. Louis Business Journal

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