ACR-News

JAPAN: Air conditioning manufacturer Daikin is set to acquire US manufacturer Goodman Global today (Wednesday) according to sources in Japan.
Daikin is expected to offer $3.8bn for Goodman, the second largest manufacturer of residential and light commercial hvac products in the US, and is predicted to make Daikin the world's largest air conditioning manufacturer.

Marketed under the Goodman and Amana brands, Goodman's products sell throughout North America via more than 700 distribution points

Negotiations were said to have started in 2010, with Daikin chief executive Noriyuki Inoue confirming that it was considering a bid in January 2011. However, any proposed bid was put on hold following the financial uncertainties created by the Japanese earthquake in March 2011.

Goodman is currently owned by San Francisco-based private equity firm Hellman & Friedman, which bought Goodman in October 2007 for $2.65bn, including debt.