US Markets

Sweden's Dometic to buy cooling box maker Igloo for $677 mln

Sweden's Dometic, a maker of leisure products for recreational vehicles such as motorhomes, said on Friday it had agreed to buy U.S. cooling boxes and drinkware maker Igloo for $677 million.

STOCKHOLM, Sept 17 (Reuters) - Sweden's Dometic DOMETIC.ST, a maker of leisure products for recreational vehicles such as motorhomes, said on Friday it had agreed to buy U.S. cooling boxes and drinkware maker Igloo for $677 million.

Dometic said in a statement the acquisition would significantly strengthen its offering and distribution network for the outdoor market in North America, where Igloo has the bulk business.

It said it expected sales and cost synergies to generate annual improvements in operating profit before depreciation and amortisation of around $50 million within five years.

Dometic, whose products for motorhomes, caravans and boats range from portable fridges and generators to wine coolers and safes, said it expected the deal to close in the fourth quarter, and to be accretive to earnings in 2022.

(Reporting by Anna Ringstrom; editing by Niklas Pollard)

((anna.ringstrom@thomsonreuters.com; +46 8 502 423 74; Reuters Messaging: anna.ringstrom.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest US Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More