Bangkok Post

Daikin pays $1 billion for AHT Cooling

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TOKYO: Daikin Industries Ltd said yesterday that it would buy Austria-based AHT Cooling Systems for €881 million ($1 billion) as it seeks global growth outside the maturing air-conditioni­ng business in the developed world.

Daikin, the world’s largest maker of airconditi­oning equipment, said it would buy all of unlisted AHT Cooling, a refrigerat­or maker for business use, from British investment firm Bridgepoin­t Capital.

“The purchase of AHT Cooling will solidify Daikin’s foothold in Europe, while helping to expand its refrigerat­ion business in the United States and Asia,’’ the Osakabased company said in a statement.

AHT has production sites in Austria, the United States, China and Brazil.

Daikin has been setting its sights overseas and beyond its mainstay air-conditioni­ng business, buying Italy’s Zanotti, a maker of industrial cooling and freezing equipment, for €98 million in 2016.

Having succeeded in grabbing a high share of Asia’s emerging air-conditioni­ng market, particular­ly in India, Daikin is aiming to expand in Africa, where South Korea’s LG Electronic­s Inc and China’s Haier Group Corp are establishe­d giants.

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