CPG, the largest private-sector producer of refrigerators, said it sold about 785 million units of refrigeration products in the first nine months of the year, a figure it expects to grow to 1.7 billion units this year.
That’s about double the 758 million units it sold in 2015.
“We are on track to exceed our initial guidance,” Jeffery Wiedefeld, chief executive of CPG said in a statement.
“The robust demand for the new generation of refrigerant is allowing us to achieve solid profitability and achieve our goal of becoming the largest refrigerant producer in the world.”CPG is the world’s largest producer of food and beverage refrigerators and is the nation’s third-largest producer of industrial refrigeration.
It has been growing at a steady clip for the past few years, and its share of the U.”s refrigeration market has doubled in the past five years.
Its growth has been driven by the refrigeration industry’s transition to high-efficiency technology and the adoption of new technologies, like a newer technology called refrigerant-free technology.CPG has more than 4,000 facilities across the country, including in major cities like Los Angeles, Boston and Chicago.
The company has expanded into the food and pet industries, too, with operations in restaurants, grocery stores and other food service providers.
Cpg, whose market value was $16.8 billion as of December 31, also has its own grocery stores.