DAIKIN Europe N.V., a subsidiary of Daikin Industries Ltd headquartered in Osaka, Japan, has announced the acquisition of Airfel, based in Istanbul, Turkey.
Airfel produce and distribute heating, air conditioning and ventilation products, primarily in the Turkish market. Daikin expects the Turkish air conditioning market to rapidly grow from €900 M in 2010 to €1.700 M in 2015, making it one of the biggest markets within the EMEA region.
The Turkish market is expected to continue to develop towards inverter driven technology products, helped by increasingly environmental policies from the government. Daikin is hoping to reap the benefits of Turkey's unique geographical positioning together with its recent economic performance to help make it an important player for the whole EMEA region.
The acquisition of Airfel is subject to the approval of the antitrust clearance authorities in Turkey, and the final transfer of business is expected to take place by the end of August 2011.
