2 November 2012

Daikin promises US advanced products after completing Goodman purchase

USA: Daikin says it intends to launch advanced environmentally-friendly products onto the US residential and commercial hvac markets following the completion of its purchase of Goodman Global yesterday.
The $3.7bn acquisition, which was announced at the end of August, also intends to use and incorporate Goodman's lean management know-how to improve competitiveness in its high-volume markets and across the world. Goodman's sales last year were $2.1bn. The deal also included the refinancing of Goodman's existing debts, reported to have been around $1.4bn.

Following the deal's clearance by the relevant authorities, Daikin says it has begun formulating and implementing concrete action plans to grow and develop both companies.

Daikin first made enquiries about acquiring Goodman in 2010. Daikin chief executive Noriyuki Inoue confirmed that his company was considering a bid in January 2011 but the move was put on hold following the financial uncertainties created by the Japanese earthquake in March 2011.

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