BDA advises Fedders on the divestment of Fedders Koppel, Inc. in the Philippines

Business Development Asia LLC (“BDA”) is pleased to announce that Fedders Corporation, a global leader in air treatment solutions, has completed the divestment of its Philippines-based subsidiary, Fedders Koppel, Inc. (“Koppel”) to KPL Aircon, Inc., a company incorporated in the Philippines. BDA acted as joint adviser to Fedders alongside Chanin Capital Partners, LLC (“Chanin”) on this transaction.

On August 22, 2007 Fedders and its North American operations filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Chanin and BDA were jointly retained by the company to explore strategic options, including the divestment of all operating units. In January 2008, Fedders Islandaire, Inc. was divested to Robert E. Hansen, Jr. In February 2008, Fedders Addison Corporation was divested to Roberts-Gordon LLC. In March 2008, Fedders’ US residential heating, ventilation and air conditioning business, including its Shanghai-based R&D center, was sold to Elco Holdings Ltd. In May 2008, Tomkins-ASCIC-Ruskin, a joint venture between Tomkins Plc, Air Systems Components Investments China and Ruskin Air Management, acquired the Indoor Air Quality (“IAQ”) business unit of Fedders. With the completion of the Koppel sale, all significant operating units of Fedders have now been divested.

About Business Development Asia

Business Development Asia LLC was founded in 1996. BDA assists multinational corporate and financial sector clients to identify and execute acquisitions, divestments, JVs, restructuring and capital raising, in Asia and internationally. The company is headquartered in New York with offices in London, Bahrain, Mumbai, Hong Kong, Shanghai, Seoul, and Tokyo. BDA employs 55 full-time professional staff across its eight offices, supplemented by a team of senior advisors around the world. BDA’s client list includes Air Products, Cadbury Schweppes, Celestica, DIC, DuPont, Ecolab, Global Power, Godrej, Great Lakes, Hanjin Shipping, Hercules, Huntsman, Inabata, Kimberly-Clark, Lear, Lubrizol, Mars, Molex, Morgan Stanley, Nalco, Reuters, Rohm & Haas, Ryder, SigmaKalon, Sumitomo Chemical, Sun Chemical, TATA Auto Components, Tenneco, Tredegar, Visteon, WR Grace, and the British Government. Further information on BDA is available at www.bdapartners.com.

BDA Transaction Team

Charles Maynard, Senior Managing Director, New York, cmaynard@bdallc.com
Lydia Xu, Assistant Director, Shanghai, lxu@bdallc.com
Sanzhong Zheng, Assistant Director, Shanghai, szheng@bdallc.com
Sora Ahn, Senior Associate, New York, sahn@bdallc.com
Tsun Chen, Associate, Hong Kong, tchen@bdallc.com

For more information regarding this transaction, please contact Charles Maynard in New York at (1) 212 265 5300 or Paul DiGiacomo in Hong Kong at (852) 9186 4170.