Aug. 29, 2012: Daikin Acquires Goodman, Gains Significant Presence in U.S. Residential Market
OSAKA, Japan, and HOUSTON — Daikin Industries Ltd. announced today that it has signed a definitive agreement to acquire Goodman Global Group Inc. from affiliates of Hellman & Friedman LLC for $3.7 billion. Daikin is a leading global HVAC manufacturer offering ductless systems for residential and commercial applications as well as large commercial equipment for buildings and factories. Goodman is a leading manufacturer in the U.S. residential unitary HVAC market offering ducted systems. The transaction, pending regulatory approval, is expected to be completed during the fourth quarter of 2012.
Noriyuki Inoue, chairman and CEO of Daikin, said, “Goodman is the best partner for Daikin in North America as we aim to become the leading global HVAC manufacturer. North America is the largest global HVAC market and most systems in this market are ducted-style, a segment where we have little presence. Goodman and Daikin can enjoy a complementary relationship by having more channels in the market to offer Goodman’s market leading ducted products and Daikin’s existing products. Daikin will also capitalize on Goodman’s lean management know-how to help us improve the earning power of the entire Daikin Group and expand our business in emerging and high volume markets globally.