Sale of Utica Boilermaker’s Parent Company, ECR International, Pending as BDR Thermea Makes Offer
The sale of the company that started the Boilermaker Road Race is pending approval.
Several companies operate under the current ECR umbrella including:
- Olsen Airco
- Utica Boilers
In an exclusive interview with WIBX Passafaro says that this will not impact the Boilermaker Road Race, and the close association between the two companies is acknowledged and celebrated by officials with BDR.
The Boilermaker Road Race founded by ECR founder Earle C. Reed in 1978.
Our interview with Passafaro is below:
A written release issued by ECR International reads as follows:
"ECR International, a HVAC manufacturer with its headquarters in Utica, NY and fabrication facilities in Dunkirk, NY, announced that the sale of the company to BDR Thermea is now in its final stages. BDR Thermea, is a Dutch heating products group with its global headquarters in Apeldoorn, the Netherlands. The acquisition of ECR is part of BDR Thermea’s strategy to expand its operations outside Europe.
ECR International is a leading manufacturer and provider of heating and cooling products in the United States and Canada. BDR will acquire 100 per cent of the company, including its local US manufacturing facilities, leading brands and distribution channels. This enables BDR to enter the US market as a domestic player. The acquisition will bring together two privately owned companies that have been in business for almost 90 years in the US and for more than 300 years in Europe.
Ron Passafaro, President and CEO of ECR International stated: “Joining the BDR Thermea Group will provide access to cutting edge hydronic heating technology and critical mass that will benefit our current and future customers. Not only does this partnership strengthen our position in the high efficiency condensing boiler market but also gives us the tools to open new market segments and geographical trading areas. We look forward to our shareholder’s approval of the transaction and quickly combining the strengths of our two long-time successful companies.”
Rob van Banning, Chief Executive Officer of the BDR Thermea Group, added: “I'm excited that we’re acquiring ECR International, and welcome ECR International to our family of leading, international brands. BDR Thermea is on its way to become the leading heating manufacturer and distributor in the US. For us, this acquisition represents a first step of a bigger strategy to increase market share and presence worldwide. Once this transaction is complete all BDR North American operations will be integrated into our newly established company which will continue to operate under the ECR International name and be managed by the current ECR team led by Ron Passafaro. ”
The results of the ECR International shareholder vote are expected December 23, 2015.
About ECR International
ECR International is a manufacturing company that provides heating and cooling products under a family of brand names including; Dunkirk, Utica Boilers, Olsen, Airco, Pennco, RetroAire, Argo and EMI. The company markets its products in the US, Canada and China. ECR has a rich history, going back nearly ninety years. In 1928, Earle C. Reed, founded two companies: Dunkirk Radiator and Utica Radiator. The companies merged in 1999 as ECR International, taking the founder’s initials as its company name.
About BDR Thermea:
BDR Thermea is a leading manufacturer and distributor of innovative heating and hot water systems and services for commercial as well as domestic use. The company employs more than 6,300 people across Europe and has revenues of almost €1.7 billion. The group operates in more than 70 markets worldwide and has a top market position in numerous key markets, including the UK, France, Germany, Spain, the Netherlands and Italy. Also, it has strong positions in the rapidly growing markets of Eastern Europe, Turkey, Russia, North America and China. BDR Thermea is the parent company of renowned international heating brands, including De Dietrich, Baxi, Remeha, Brötje, Chappée and Baymak."
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