CARROLLTON, Texas - Daikin AC (Americas) Inc. announced that parent company Daikin Industries Ltd. will acquire O.Y.L. Industries Bhd, a Malaysian-based global HVAC company that owns United States-based McQuay International. Through this move, Daikin says it will continue to target the number one position in the global HVAC market.

"When we learned of this new relationship we immediately saw it as a win for Daikin and O.Y.L., but more importantly, for meeting the consumer, commercial, and industrial demand for energy efficient, cost-effective HVAC systems," said Yoshinobu Inoue, president of Daikin AC (Americas) Inc. "Our combined expertise will further a 'total business solution' advancement enhancing efficiency, and ultimately, profitability."

According to the company, the acquisition will give Daikin full-fledged entry into the North America market, which it entered last year. "This partnership will enable both Daikin and McQuay to serve its customers better," said Inoue. "The combination of Daikin's higher-end products with McQuay's applied business foundation will expand opportunities for the entire industry in 2006 and beyond."

After completion of the acquisition, O.Y.L. will continue its operations as a consolidated subsidiary of Daikin. A joint committee between both parties will be created to study how best to maximize the acquisition synergies.

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Publication date: 05/22/2006