Daikin buys Swedish distributor Svenska Daikin A.B.
DAIKIN Europe has bought all shares in Svenska Daikin A.B, its distributor in Sweden.
Svenska Daikin A.B., headquartered in Stockholm, has been a distributor for the Japanese air conditioning manufacturer for 25 years with sales of £5.2m in 2007.
Daikin Europe N.V. made the acquisition on January 31, and from this date Svenska Daikin A.B. changed its name to Daikin Sweden A.B.
Daikin, said the purchase was a major step to realising its heating expansion plans. Sweden is considered as the largest heat-pump market in Europe.
The firm said 'Next to a further strengthening of its position in the ac market (both in direct expansion and applied systems), Daikin will especially focus on developing its position in the air-to-air and air-to-water heat pump market.
'As a new representative of Daikin's strategic move in the heating industry, Daikin Sweden A.B. is the first heating affiliate of the group'.
The 10 employees of Svenska Daikin A.B. will be part of Daikin Sweden A.B.
Mr Koen Matthys will be appointed as managing director of Daikin Sweden A.B. and will be supported in his role by Olof Elvander.
Daikin has bought out several of its distributors. Those acquired by Daikin include nearly all of its UK distributors. Across Europe, the majority of Daikin distributors are independent, including UK firm Space Air Conditioning.