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.
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|Title Annotation:||Industry Roundup|
|Article Type:||Brief article|
|Date:||Jan 1, 2011|
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