Member News: Dometic
By: MIASF Staff
Date posted: Sep 28, 2021 Tue
Dometic announced that it acquired cooler and drinkware manufacturer Igloo in a $677 million deal.
“North America is the largest market for cooling boxes and outdoor products, and with Igloo’s strong brand recognition, consumer knowledge and local manufacturing capabilities, we are getting the necessary tools to further drive our sales and margin expansion,” Dometic CEO Juan Vargues said in a statement.
“Igloo has shown strong sales growth, market-share gains and margin improvements in recent years, driven by both commercial and operational initiatives,” Vargues added.
Igloo reported more than $400 million in net sales for its last fiscal year, with 92 percent of sales in the United States. Its products are primarily manufactured its facility and world headquarters in Katy, Texas.
“I am extremely proud of everyone on our team who has worked so hard in building Igloo into an iconic American brand,” said Igloo president and CEO Dave Allen. “As part of the Dometic Group, we look forward to combining our resources in order to accelerate innovation and growth across the globe.”
The transaction is expected to close in the fourth quarter and is subject to regulatory approvals.