International. Danfoss has confirmed an agreement to acquire German compressor manufacturer BOCK GmbH, based in Frickenhausen, Baden-Württemberg, which is owned by NORD Holding GmbH, a private equity asset management company in that country.
BOCK is a company specialized in compressors for natural refrigerant that was created in 1993. Danfoss says that with this acquisition, it takes a proactive approach to promoting the development and use of low GWP refrigerants to help reduce global warming and ensure industry competitiveness.
With the acquisition, Danfoss adds the world's largest portfolio of semi-hermetic compressors for natural refrigerants such as CO2 (R744), hydrocarbons and other low-GWP refrigerants to its already robust portfolio of oil-free, inverter-scroll, reciprocating and screw compressors, and condensing units.
BOCK GmbH has an existing workforce of around 350 compressor specialists worldwide and four manufacturing sites in Frickenhausen, Germany, Stribo, Czech Republic, Bangalore, India and Suzhou, China. It specializes in compressors for mobile and stationary refrigeration systems in transportation, buses, retail, logistics, storage and food processing.
Jürgen Fischer, President of Danfoss Climate Solutions, said: "Accelerating the green transition has never been more relevant, and efficient compressors running on low-GWP refrigerants are critical to achieving that goal. By expanding our portfolio with the BOCK range of semi-hermetic compressors, we deliver on our promise to help our customers decarbonise. The potential to reduce CO2 emissions is enormous!"
Kristian Strand, President of Danfoss Commercial Compressors, added: "The acquisition will create a unique market position for Danfoss' commercial compressor business, and our customers will benefit from a comprehensive portfolio including semi-hermetic CO2 compressors, which will assist in the transition to alternative refrigerants and greater energy efficiency."
BOCK CEO Marcus Albrecht said: "This is truly an exciting time for all of us. After our strong and successful growth over the past 2 years, becoming now part of the Danfoss family will open up new business opportunities for 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 on how to grow the business, but we also have the same values when it comes to our people and how to drive growth."
BOCK GmbH's new compressor business will be managed by Danfoss Commercial Compressors, part of Danfoss Climate Solutions. The transaction is subject to regulatory approval and is expected to close no later than the first quarter of 2023.