Daikin and Matsushita -Panasonic- Agree to Form Joint Venture in China To Produce Motors for Air Conditioning Compressors.OSAKA Osaka (ō`säkä), city (1990 pop. 2,623,801), capital of Osaka prefecture, S Honshu, Japan, on Osaka Bay, at the mouth of the Yodo River. , Japan -- Daikin Industries, Ltd., a global leader in the manufacture of commercial and industrial use air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. systems, and Matsushita Electric Industrial Co., Ltd., (MEI (NYSE NYSE
See: New York Stock Exchange :MC)) best known for its Panasonic brand of consumer electronics and digital communication products, today announced that the two companies will establish a joint venture company, Daikin Motor Suzhou Co., Ltd., in China. The new company will manufacture and market motors for compressors in home and industrial-use air conditioners Conditioners used on leather take many shapes and forms. They are used mostly to keep leather from drying out and deteriorating.
A very old and widely used conditioner is dubbin. .
The combined new venture investment is U.S.$20.8 million. Daikin holds 60 percent of the venture and Matsushita has the remaining 40 percent. The company will be formed in September 2004. Production will commence in December.
Capitalizing on the motor development and manufacturing technologies of the two companies, Daikin Motor Suzhou will produce and sell Daikin hermetic hermetic /her·met·ic/ (her-met´ik) impervious to air.
her·met·ic or her·met·i·cal
Completely sealed, especially against the escape or entry of air. motors* and Matsushita hermetic motors which Matsushita's motor unit has been supplying to Daikin.
In 2004, 6.7 million home air conditioners and 700,000 industrial units are expected to be sold in Japan alone. Worldwide, it is estimated that 50 million home units, including some 20 million in China, and 11 million industrial units are sold annually. As the market grows further led by China and other Asian countries Noun 1. Asian country - any one of the nations occupying the Asian continent
country, land, state - the territory occupied by a nation; "he returned to the land of his birth"; "he visited several European countries" and Europe, the demand for the compressors and their motors is expected to increase.
The new company will pursue manufacturing highly-efficient and cost-competitive products in the world market.
*Hermetic (airtight air·tight
1. Impermeable by air.
2. Having no weak points; sound: an airtight excuse.
1. seal) motors are commonly used in compressors for air conditioners and freezers.
Outline of Joint Venture Company Name: DAIKIN MOTOR SUZHOU CO., LTD. Location: Zone 3, Suzhou Industry Park, Suzhou, China Floor Space: 3,300 square meters President: To be appointed by Daikin Capital: U.S.$20.8 million (approx. 2.3 billion yen) Ownership Ratio: Daikin 60%, Matsushita 40% Main Business: Production and sales of hermetic motors for air conditioning compressors Establishment: September 21, 2004 Operation: Planned to commence in December 2004 Projected Sales: Approx. 4.2 billion yen (for the first fiscal year) Projected Number of Approx. 350 (for the first fiscal year) Employees:
About Daikin Industries, Ltd.
Daikin Industries, Ltd. is a global leader in the manufacture of commercial-and industrial use air conditioning systems and holds more than one-third of the market share in Japan. Daikin is also one of the leaders in the fluorochemicals industry, with an approximately 20% share of the world market. Daikin boasts an unparalleled combination of mechanical, electronic, and chemical expertise as well as robust R & D capabilities. The company continues to leverage these strengths to create new, innovative products and flexible, highly efficient production systems. Daikin is a dynamic global company with a well-established presence in five major areas: Japan, China, Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. , Europe, and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Thus, Daikin is poised to excel in an increasingly borderless business environment.
About Matsushita Electric Industrial Co., Ltd. (Panasonic)
Matsushita Electric Industrial Co., Ltd., best known for its Panasonic brand name, is a worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company recorded consolidated sales of U.S.$71.92 billion for the fiscal year ended March 31, 2004. Matsushita's shares are listed on the Tokyo, Osaka, Nagoya, New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (NYSE:MC), Euronext Amsterdam and Frankfurt stock exchanges Frankfurt Stock Exchange
The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. . For more information on the company and its Panasonic brand, visit the Matsushita website at http://www.panasonic.co.jp/global/top.html.
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