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Daikin To Acquire HVAC Maker Goodman
Aug 31, 2012
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Daikin Industries, Ltd. intends to acquire Goodman Global Group, Inc. Daikin, Goodman, and Goodman's major shareholder, Hellman & Friedman LLC, signed a definitive agreement this week regarding the acquisition.

Daikin, based in Osaka, Japan, is a global leader in the heating, ventilating and air-conditioning (HVAC) industry. Daikin is also the parent company of HVAC equipment producer McQuay International, based in Minneapolis, MN.

Goodman is a leading manufacturer and distributor in the U.S. residential unitary HVAC, for air-conditioning the entire house, and it is sector headquartered in Houston, TX.

Daikin will purchase 100% of Goodman's stock for an acquisition value of $3.7 billion. The transaction is pending regulatory approval and is expected to close in the fourth quarter of 2012.

Goodman has a significant market presence in ducted residential unitary HVAC in North America - a segment where Daikin has little offerings.

Goodman generates strong financial performance through low-cost, U.S. manufacturing operations and network of more than 900 distribution points.

The acquisition lets Daikin fully enter the ducted air-conditioning market in North America.

"Goodman is the best partner for Daikin in North America as we aim to become the leading global HVAC manufacturer," Noriyuki Inoue, chairman and CEO of Daikin said. "North America is the largest global HVAC market and most systems in this market are ducted-style, a segment where we have little presence. Daikin will also capitalize on Goodman's lean management know-how to help us improve the earning power of the entire Daikin Group and expand our business in emerging and high volume markets globally."

"This is an opportunity for Goodman to grow globally as well as in the North American market by leveraging Daikin Group's technical expertise, environmental technologies, and North American commercial expertise," David L. Swift, president and CEO of Goodman.

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