Printer Friendly

Daikin in talks to buy Goodman.

OSAKA, Japan -- Daikin Industries Ltd., Japan's largest air-conditioner maker, is in talks to buy Goodman Global Inc. from buyout firm Hellman & Friedman LLC, according to Bloomberg News.

If approved, it would unite the second largest U.S. residential air-conditioning manufacturer with the largest Japanese air-conditioner manufacturer and propel Daikin past Carrier to the top spot in the global air-conditioning industry by revenue.

Hellman & Friedman is negotiating a revised proposal after rejecting a bid of about 300 billion yen ($3.6 billion) from Daikin, said the person, who asked for anonymity because the details are private. Discussions could still fall apart, and an agreement may not come until 2011, the person said.

"We want Daikin to be No. 1 both in name and reality," Chairman Noriyuki Inoue told reporters in Osaka on Sept. 28. "If you want to be number one in the world you've got to be a major player in the U.S."

Houston-based Goodman posted a profit of $101.8 million last year, according to its website. Daikin had net income of 19.4 billion yen ($233 million) in the 12 months that ended in March.

Combined revenue for Daikin and Goodman would exceed those of Carrier, in an industry worth $65 billion in 2009.

COPYRIGHT 2011 American Society of Heating, Refrigerating, and Air-Conditioning Engineers, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Industry Roundup
Publication:ASHRAE Journal
Article Type:Brief article
Geographic Code:1USA
Date:Jan 1, 2011
Words:207
Previous Article:Green economy alive, well: 2010 Greenbuild focuses on the business of Green.
Next Article:Signs of life for construction: some sectors start to rebound.
Topics:

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters