How to Save on Air Conditioning in Your Home
Brown’s Air Conditioner is the best-selling air conditioner in the U.S. with a market value of $1.6 billion.
The company, founded in 1945 by Charles Brown, started out making refrigerators, and it has been expanding its business to include air conditioners, refrigerators and furnaces.
The U.K.-based company, which sells to all 50 states, has become one of the most important names in air conditioning and the second-biggest in the world behind only Nest.
But with Brown’s brand losing sales, the company has been trying to get back into the market with a different strategy.
In recent years, Brown’s has made some bold moves to diversify its business.
In 2016, Brown said it would buy out its former rival, Sperry Air Conditioners, to take over the business.
The deal was supposed to be done by the end of 2018, but the timing was too perfect, according to a person familiar with the matter.
Sperrys was not expected to make a profit, and Brown said he would be paying more than $10 million per year for the deal.
Brown said in an interview that he decided to sell because it was not in the best interest of the company.
Brown’s is also planning to sell its refrigerators division, a $1 billion business that makes the company’s refrigerators.
In the past few years, the unit has shrunk from more than 5,000 refrigerators in 2020 to just 4,200 in 2020, according the company website.
Brown also said he plans to sell the company that produces air conditioning equipment to private equity firms in the future.
The $1-billion acquisition is the second of Brown’s air conditionators in recent years.
In 2017, the firm bought out Sperries for $1,000 million, making it the largest of Browns business in the United States.
That deal was worth $6.8 billion at the time.
Browns latest deal, announced Friday, also includes the sale of its manufacturing operations.
The move comes as the company continues to look to diversified revenue streams.
In a statement, Brown wrote that “the new joint venture will focus on growing our brand with more innovative products, including our best-in-class air conditionors.”