Hoshizaki the Japanese firm has paid $28m for an initial 25% stake in Fogel Company following a deal conducted through its US subsidiary.

It intends to increase its investment over the next three years until it has gained a 51% shareholding in the business, mirroring the approach it took when purchasing European manufacturer Ozti previously.

Panama-headquartered Fogel has been trading for more than 55 years and is one of the largest fridge makers in the Americas region.

Its 27,000 square meter factory in Guatemala has the capacity to build up to 216,000 units a year and employs more than 1,600 staff.