Hill Phoenix Acquires Tyler Refrigeration Assets
NEW YORK (AP) -- Refrigerator maker Hill Phoenix Inc. has acquired certain assets of Tyler Refrigeration, a producer of commercial refrigeration products for food retailers. Financial terms were not disclosed.
Industrial equipment maker Dover Corp., Hill Phoenix's parent company, on Friday said Hill Phoenix had bought some of Tyler's equipment and other assets, its inventory, order backlog, intellectual property and service parts business.
Hill Phoenix also acquired Tyler's five service and installation branch businesses in New Jersey, Minnesota, Arizona, southern California and Mexico. Tyler's manufacturing facility in Niles, Mich., was not part of the transaction.
In a separate statement, Tyler's corporate parent, Carrier Corp., said it was exiting its Tyler products business in North America because of tough economic conditions.
Carrier, a maker of heating and air conditioning products and a unit of diversified manufacturer United Technologies Corp., said the Tyler operations will be ramped down during the year as existing orders are filled and eventually closed.
"Carrier took this difficult decision after a thorough review taking into account the tough and unprecedented market conditions," said Philippe Delpech, president of Carrier Commercial Refrigeration.
Carrier will focus on strengthening and growing its food retail refrigeration business in Europe and emerging markets, he said.
Shares of Dover added 48 cents to $32.95 in morning trading Friday. United Technologies stock rose 67 cents to $52.39.