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The Rheem Manufacturing Company has announced plans to acquire Friedrich Air Conditioning, a 138-year-old manufacturer of premium air conditioning products, from Monomoy Capital Partners.

Friedrich is a manufacturer of room air conditioning, dehumidification, and air purification products for residential and commercial applications.

Founded in 1883, the company is based in San Antonio with manufacturing in Monterrey, Mexico, and distribution centres in Texas and New Jersey.

Rheem president of global air, Mike Branson, said Friedrich has steadily innovated its residential and commercial offerings and grown its market share.

“They will bring a unique air conditioning product portfolio along with specialized products to the Rheem family of brands. Friedrich’s product offerings, company history, and industry expertise make this acquisition a perfect fit for Rheem,” Branson said.

“Together, we will harness the power of our talented workforce and enhance our ability to deliver reliable and energy-efficient products that our customers and contracting partners expect.”

Upon the close of the acquisition, which is subject to additional regulatory approval, Friedrich will be a stand-alone business unit within the Rheem Global Air business.

Rheem Australia, which was Rheem’s first overseas venture in 1936, does not sell air conditioning products but does supply heat pumps, hot water systems and solar.

Rheem Austarlia manufactured its first water heater in Australia at Waterloo, an inner Sydney suburb, in 1939.