Danfoss plans to acquire German company Bock, one of the world’s best known industrial and commercial compressor manufacturer, from private equity asset management company Nord Holding.
Developing compressors for the natural refrigerant CO2 since 1993, Bock is a global technology leader in the field of environmentally-friendly and economical compressors.
The new compressor business from Bock will be managed by Danfoss Commercial Compressors, part of Danfoss Climate Solutions.
“The acquisition will create a unique position in the market for Danfoss’ Commercial Compressors business, and our customers will benefit from a complete compressor portfolio, including semi-hermetic compressors for CO2, which will help in the transition to alternative refrigerants and greater energy-efficiency,”explained Kristian Strand, president of Danfoss Commercial Compressors.
With the acquirement of Bock, Danfoss takes a proactive approach to further the development and use of low global warming potentials (GWP) refrigerants to help abate global warming, and to ensure the competitiveness of the industry.
Danfoss now adds the world’s largest portfolio of semi-hermetic compressors for natural refrigerants such as CO2, hydrocarbons and other low-GWP refrigerants to its already strong portfolio of oil-free centrifugal compressors, inverter-scroll, reciprocating and screw compressors, and condensing units.
“It has never been more relevant to accelerate the green transition, and efficient compressors running with low-GWP refrigerants are instrumental to achieving that target,” added Jurgen Fischer, president of Danfoss Climate Solutions.
With an existing workforce of around 350 compressor specialists worldwide and four manufacturing sites in Frickenhausen, Germany; Stribo, Czech Republic; Bangalore, India; and Suzhou, China, Bock has built a strong reputation as a high-end quality compressor manufacturer.
The company serves mobile and stationary refrigeration systems in transport, bus, retails, logistics, storage and food processing.
“This really is an exciting moment for all of us. After our strong and successful growth in the last two years, now becoming part of the Danfoss family will open new business opportunities for Bock,” exclaimed Dr. Marcus Albrecht, CEO of Bock.
“Based on our close partnership, we can say with certainty that together we are ideally positioned to become one of the strongest players in the compressor business globally.
“Not only do we share the same ideas of how to develop the business, but we also have the same values when it comes to our people and how to drive growth.”
The intent to acquire Bock comes with a firm commitment to invest in the business, paving the way for green growth, and a more sustainable, energy efficient and decarbonised future.
Danfoss is confirming its pledge to speed up the green transition by broadening its scope of sustainable technologies.
The transition is subject to regulatory approval and is expected to close no later than Q1 2023.