Freudenberg Strengthens Filter Business in U.S.
WEINHEIM, Germany, Sept. 22, 2021 /PRNewswire/ -- Freudenberg is expanding its filter business strategically. In the United States, the Freudenberg business group Filtration Technologies is acquiring Protect Plus Air Holding, Inc. from its current owner, the Indianapolis-based private equity firm HKW. Based in Hickory, North Carolina, Protect Plus Air is a leading producer of high-quality air filters that are mainly sold through retailers for residential buildings. The company has 940 employees and generated $118 million in revenue in 2020. The parties have agreed not to disclose the purchase price.
WEINHEIM, Germany, Sept. 22, 2021 /PRNewswire/ -- Freudenberg is expanding its filter business strategically. In the United States, the Freudenberg business group Filtration Technologies is acquiring Protect Plus Air Holding, Inc. from its current owner, the Indianapolis-based private equity firm HKW. Based in Hickory, North Carolina, Protect Plus Air is a leading producer of high-quality air filters that are mainly sold through retailers for residential buildings. The company has 940 employees and generated $118 million in revenue in 2020. The parties have agreed not to disclose the purchase price.
"With the acquisition of Protect Plus Air, we are expanding our portfolio of filtration solutions in the important North American market by adding the attractive, fast-growing field of residential building ventilation," said Dr. Mohsen Sohi, CEO of the Freudenberg Group. "Protect Plus Air is expanding and strengthening our already existing filtration portfolio for mobility and industrial applications worldwide."
The U.S. Census Bureau puts the real estate market in the U.S. at about 139 million residential units in 2019. About 84 percent of them already are equipped with air-conditioning or ventilation systems. They rely on air filters that improve performance and increase the operating life of the equipment, and above all protect people from airborne particles. The market has been on the rise for several years. Due to the COVID-19 pandemic, American consumers have become more aware of air hygiene, which is leading to increased demand, especially for filters in higher performance categories.
"Protect Plus Air is an outstanding fit for us," said Dr. Andreas Kreuter, CEO of Freudenberg Filtration Technologies. "The company's highly customer-focused team has decisive factors in retail in its favor, with a strong brand portfolio, a competitive distribution network and strong consulting expertise in commercial marketing."
Founded in 2001, Protect Plus Air has had years of excellent business relations with well-known retail chains in the United States. The Freudenberg Filtration Technologies business group is providing its expertise in innovation, materials and production to the company. The Freudenberg group's operations in the U.S. are based in Hopkinsville, Kentucky.
"In Freudenberg, we are glad to have found a new owner oriented to technology and value," said Greg Schorr, CEO of Protect Plus Air. "Together we will continue to offer our retail customers outstanding services and products and will expand cooperation with our business partners further."
About Freudenberg Filtration Technologies
As a global technology leader in air and liquid filtrtion, Freudenberg Filtration Technologies develops and produces high-performance, energy-efficient filtration solutions which improve the efficiency of industrial processes, conserve resources, protect people and the environment and thus enhance the quality of life. With its Viledon and micronAir global brands, Freudenberg Filtration Technologies offers customers innovative filter elements and systems for the energy and resources, hygiene and health, automobile and transport, production and building technology sectors, and for highly-specialized applications. In 2020, Freudenberg Filtration Technologies generated sales of €519.4 million and employed 2,853 people at year end. www.freudenberg-filter.com
About the Freudenberg Group
Freudenberg is a global technology group that strengthens its customers and society long-term through forward-looking innovations. Together with its partners, customers and research institutions, the Freudenberg Group develops leading-edge technologies and excellent products and services for about 40 markets and for thousands of applications: seals, vibration control components, technical textiles, filters, specialty chemicals, medical products and the most modern cleaning products. Strength of innovation, strong customer orientation, diversity, and team spirit are the cornerstones of the Group. The 170-year-old company holds strong to its core values: a commitment to excellence, reliability and pro-active, responsible action. In 2020, the Freudenberg Group employed about 48,000 people in some 60 countries worldwide and generated sales of some €8.8 billion. www.freudenberg.com
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