Daikin to Acquire Italian Commercial Refrigeration Manufacturer Zanotti
Will utilize the acquisition to expand its commercial refrigerator and freezer business in Europe
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.