Hoshizaki Electric Co. Ltd., announced today that Hoshizaki Europe Holdings B.V. will acquire the Danish commercial refrigerator manufacturer Gram Commercial A/S. The company will pay DKK 395 million (or just more than $74 million).

While maintaining a large market share in Japan, Hoshizaki aims to increase its worldwide market share through turnover in overseas markets for continued growth in the commercial kitchen industry.

Hoshizaki business plan is to raise the current overseas turnover rate of 23.8 percent in consolidated sales to 34 percent in the fiscal year ending December 2012. To achieve this, it is essential for Hoshizaki to expand its market share in Europe particularly by refrigerator sales.

Gram Commercial is the market leader in terms of quality, functional design, and customer service. Hoshizaki anticipates the synergy with Gram Commercial will create significant growth in both profit and sales.