Conair parent company acquires Thermal Care

Source：IPEG Release Date：2013-04-27 189

Plastics & Rubber

IPEG, Inc., the parent company of The Conair Group and Rapid Granulator, is acquiring the assets of Thermal Care, Inc., a major manufacturer of temperature controllers, portable and central chillers, cooling towers and pump tanks used in heat-transfer applications in plastics processing and other industries.

The deal is expected to close April 30, 2013, according to IPEG CEO Chris Keller who made the announcement. IPEG is headquartered in Cranberry Township, PA.

This is the second IPEG acquisition in less than a month. On April 15, the company announced the purchase of Republic Machine, Louisville, KY, a leader in the design and manufacturing of single-shaft shredding machinery used in recycling of plastics and other materials.

Thermal Care is a subsidiary of MFRI Inc, Niles, IL, a public company (NASDAQ: MFRI) that also includes businesses in pre-insulated piping systems, industrial air filtration, and commercial, industrial and institutional HVAC systems.

Thermal Care will operate as a wholly owned subsidiary of IPEG, Keller said, maintaining business offices and manufacturing operations at its existing Niles, IL, location. It will operate independently of Conair and Rapid. Conair and Thermal Care can be expected to share resources and technology. Steve Buck, current president of Thermal Care will assume other responsibilities with MFRI, but other staff is expected to remain. Tom Benson, a 25-year employee and current vice president sales & marketing for Thermal Care will be named president.

JORDAN