Company aims for leading position in the air filter business in the U.S. and worldwide
OSAKA, Japan — Daikin Industries Ltd., through its subsidiary American Air Filter Co. Inc., has announced the acquisition of U.S. air filter manufacturer Flanders Holdings LLC, Washington, North Carolina. The acquisition price is $430 million (approximately 50.7 billion yen at an exchange rate of 1 USD=118 JPY). Daikin is to acquire all shares of Flanders from Insight Equity Holdings LLC, an investor in the company. The acquisition is expected to be concluded in April 2016.
As a leading air filter manufacturer in the United States, Daikin said Flanders is particularly adept in products with high value-added such as those used in industrial cleanrooms in the fields of pharmaceuticals and food processing. The company boasts a broad product lineup ranging from commercial to residential and a nationwide sales network. Flanders has manufacturing bases near most major U.S. cities, including Chicago and New York, and provides short lead times and low logistics costs to deliver products that are cost competitive.