Japan's Daikin To Buy 100% of Goodman for $3.7 billion
Originally published: 08.28.12 by HVACR Business Staff
Osaka, Japan-based Daikin Industries has agreed to acquire Goodman Global Group Inc. for U.S.$3.7 billion, a transaction that is expected to be final in the fourth quarter of this year pending regulatory approval.
Daikin, Goodman, and Goodman’s major shareholder, Hellman & Friedman LLC, have signed a definitive agreement today regarding the acquisition. Daikin will purchase 100% of Goodman’s stock.
Goodman is a market leader in the ducted residential HVAC segment in North America, a segment where Daikin has little offerings. Goodman generates strong financial performance through its low-cost U.S. manufacturing operations and extensive network of over 900 distribution points, of which 192 are company operated.
Daikin is a comprehensive global HVAC manufacturer offering extensive products, including ductless air-conditioning and heat pump systems for residential and commercial applications, as well as large-sized HVAC systems for buildings and factories. Through this acquisition, Daikin will fully enter the ducted-style air-conditioning market for residential and commercial applications in North America. Daikin has more than 44,000 employees globally and operates manufacturing and sales activities in more than 90 countries.
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