MESTEK ANNOUNCES PURCHASE OF DADANCO-MESTEK JV
Acquisition of the Australian interests fuels MESTEK's growth into Sustainability
September 2012 — Westfield, MA – MESTEK, Inc. is pleased to announce that it has acquired 100% ownership of DADANCO- MESTEK JV, by concluding an agreement to buy the shares previously owned by DADANCO Pty Ltd. Together with the acquisition of remaining interest, MESTEK has acquired critical Intellectual Property including DADANCO nozzle technology. This investment by MESTEK is a significant step in maintaining DADANCO’s dominant position in providing low energy HVAC solutions, and MESTEK’s continued expansion of its ‘Green’ product portfolio.
MESTEK is a manufacturing concern headquartered in Westfield, MA with annual sales of approximately $375 million and 2000 employees worldwide. MESTEK’s principal activities include HVAC, architectural products and metal-forming machinery.
DADANCO is a manufacturer headquartered in Westfield, MA. DADANCO's principal activities include manufacturing of Active Chilled Beams, Induction Units and Induction diffusers.
DADANCO, with its current management in place, is a valuable addition to the Mestek family of companies with strong product focus on Sustainability including RBI and Hydrotherm condensing boilers, Airtherm ECM fan coils and Mestex evaporative air handling units.
MESTEK looks forward to building on the proven success enjoyed by the DADANCO-MESTEK JV and welcomes DADANCO into the family.
To mark the acquisition of DADANCO-MESTEK JV as a wholly owned subsidiary of MESTEK, Inc, an agreement has been reached for the major refurbishment of offices to house DADANCO along with new construction of comprehensive demonstration and scenario test facilities, all to be based in Westfield, MA.
Demolition work is underway; and we welcome the opportunity to update industry participants and friend and to follow the progress on Facebook, Twitter, Blogger and on www.dadanco.com.