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issue: July 2006 APPLIANCE Magazine

Tokyo Report
Daikin to Acquire McQuay/OYL


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by Wasaku Ishida, Japan Correspondent and president, JARN (Japan Air Conditioning, Heating & Refrigeration News)

Daikin Industries, Ltd. (Osaka, Japan) said in mid-May it would acquire O.Y.L. Industries Bhd., based in Kuala Lumpur, Malaysia. OYL is a global HVAC producer and owns McQuay International (formerly SnyderGeneral, acquired in 1994).

The acquisition would expand Daikin to create what could be the world’s second-largest global air-conditioning OEM, behind only Carrier Corporation (Farmington, Connecticut, U.S.) and ahead of former Number 2, American Standard’s Trane.
Daikin says OYL is the fourth-largest Applied (large-scale commercial) air-conditioning equipment maker in the world and the third-largest commercial air-filtration manufacturer in the world, with revenue of approximately 168 billion yen (approx. U.S. $1.5 billion) and operating profit of approximately 11.5 billion yen (approx. $103 million) for the fiscal year ending June 30, 2005.
Daikin said that its strength in ductless air-conditioning products, especially in high-value-added air-conditioning, would be augmented by OYL’s strength in the Applied business segment, as well as its low-cost HVAC products made possible by its mass-production capability. Regionally, Daikin has leading positions in Japan, Europe and Asia, while OYL has a solid presence in Asia and North America. Daikin says the acquisition will help it expand in what it calls the Global Eight Regions: Japan, Europe, Asia/Oceania, China, North America, Latin America, India, and the Middle East/Africa.
Barring delays in approvals, the two-step acquisition plan could put OYL in Daikin’s hands before October 2006.

 

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