ACHRNEWS

Nov. 2, 2012: Daikin Completes Goodman Acquisition

November 2, 2012
OSAKA, Japan — Daikin Industries Ltd. announced that it has completed its acquisition of Goodman Global Group Inc., which was originally announced on Aug. 29, 2012, for a purchase price of $3.7 billion, including the refinancing of Goodman’s existing indebtedness. Daikin said it has obtained all the necessary regulatory approvals from relevant authorities.

Daikin said that, by combining its state-of-the-art technology with the air conditioners of Goodman, it plans to use this acquisition to launch advanced environmentally-friendly products in the United States residential and commercial HVAC markets. In doing so, the company hopes to initiate a new wave of growth that sustains both business expansion and contributes to the environment.

In addition, Daikin hopes to improve competitiveness even further by capitalizing on Goodman’s lean management know-how to develop business in emerging economies and high-volume markets and restructure the earning power of the Daikin Group overall, including activities in advanced economies.

Daikin also noted that it is moving quickly to generate synergies between the companies while maximizing the advantages of the complementary relationship between Daikin and Goodman in order to accelerate the growth and development of both companies.

With regard to Daikin’s consolidated financial results, the acquisition will be reflected in the consolidated balance sheet for fiscal year 2012 and in the consolidated income statement from fiscal year 2013.

Publication date: 11/2/2012