OSAKA, Japan — Daikin Industries Ltd., through its subsidiary Daikin Europe N.V., announced it will acquire Zanotti S.p.A., an Italian manufacturer of commercial refrigerators and freezers. The acquisition price is 98 million euros (12.3 billion yen) for which Daikin will obtain all company shares from the asset management company owned by Zanotti executive officers. Finalization of the transaction is expected by the end of June 2016. Daikin intends to utilize the acquisition to expand its refrigerator and freezer business in Europe while continuing to enhance its business foundation as a comprehensive air conditioning and refrigeration manufacturer.

With its business focused on Europe, Zanotti has developed a wide range of products for the entire cold chain that extend from those used in food production and transportation (overland shipping) to those found at retailers. With an extensive sales and service network in each country of Europe, Zanotti has established production facilities not only in Italy but also in the United Kingdom and Spain. This has enabled Zanotti to shorten lead times to quickly meet the diverse needs of individual users and maintain a competitive advantage in regards to logistical costs.

Daikin said the global market for commercial refrigerators and freezers operates annually on a scale of 4 trillion yen in sales. Of this, Europe has sales topping 800 billion yen, second only to North America. On top of that, the European nations are highly focused on environmental concerns and have introduced energy-saving regulations for refrigerators and freezers along with those in place for air conditioners. This type of business environment in Europe will enable Daikin to fully leverage its energy-saving technologies.

With this acquisition, Daikin said it can now provide a diverse product line for all aspects of the cold chain in the European market for low temperature and refrigeration equipment. Also, by applying its technologies to Zanotti products, Daikin said it will be able to provide high value-added products that excel in energy savings.

Beginning with Europe, Daikin stated that it will advance its commercial refrigerator and freezer business in Asia, the United States, and China where significant market growth is anticipated.

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Publication date: 5/2/2016

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