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CORPORATE NEWS [latest news list] February 1, 2008
line
Establishment of Daikin Sweden AB
First Sales Company for Heating Business to Strengthen
Sales Expansion of European Heating Business



On January 31, 2008 (local time), Daikin Industries, Ltd., through its wholly owned subsidiary Daikin Europe N.V., acquired all outstanding shares of Svenska Daikin AB (Head Office: Stockholm; Sales in 2006: approximately 800 million yen; Number of employees: 10) and has renamed it "Daikin Sweden AB" (Share capital: approximately 8 million yen; Head Office: Stockholm), which will be engaged in sales of heating and air conditioning equipment in the Kingdom of Sweden.

This new sales company represents the first time for the Daikin Group to venture forth with a plan for business expansion centered on the heating business. Svenska Daikin AB is a distributor with a sales network in heating and air conditioning market in the Kingdom of Sweden and has had a business relationship with Daikin Europe since 1982. In establishing this new company, the Daikin Group is aiming to raise sales to 3.8 billion yen in the year 2010.

With the establishment of two new sales offices (in Gothenburg and Malmo), Daikin intends to promote development of dealer network specializing in heating systems by offering total systems for heating and air-conditioning centered on Altherma TM, a hot water heating system using heat pump technology.

Among other European countries, the Kingdom of Sweden has even higher awareness on the global environmental issues and is considered to have the No. 1 advanced market in Europe for heat pump type hot water heating using such heat sources as groundwater and air. The market of hot water heaters using air-source heat pump, an area of Daikin expertise, are expected to total approximately 20 billion yen for the year 2012 (three times the market of 2006).

Incidentally, as one of important themes in the strategic management plan FUSION 10, Daikin has adopted the entry into the hot water supply and heating markets using energy-saving heating and sanitary hot water supply systems. In Europe, where there is high awareness on the global environmental issues, hot water heating systems using fossil fuel boilers that directly burn oil and natural gas are rapidly being replaced by systems using groundwater-source or air-source heat pumps.

Heat pump technologies, which have been quite common in the air conditioning field, are now highly valued in the heating field for their high energy-efficiency and lower CO2 emissions compared to fossil fuel combustion systems. Riding this trend, Daikin Europe has developed by themselves the Altherma TM, air-source heat pump system for hot water heating, has been marketing and selling the products receiving high praise in Europe, particularly in France. With the establishment of this new company in Sweden, Daikin intends to accelerate its heating business not only to other regions of Europe but also to other regions of the world.

[Summary of New Company]
1) Company name: Daikin Sweden AB
2) Place of incorporation: Stockholm, Kingdom of Sweden
3) Representative: Koen Matthys, Managing Director
4) Share capital: approximately 8 million yen
5) Investment ratio: wholly owned subsidiary of Daikin Europe N.V.
6) Established: February 1, 2008
7) Description of business: sales and after service of heating and air conditioning equipment
8) Number of employees : 28 (plan for end of 2008)

[Summary of Daikin Europe N.V.]
1) Name: Daikin Europe N.V.
2) Place of incorporation: Oostende, Kingdom of Belgium
3) Share Capital: approximately 7.8 billion yen
4) Investment ratio: wholly owned subsidiary of Daikin Industries, Ltd.
5) Established: March 1972
6) Representative: Masatsugu Minaka, President
7) Description of Business: manufacture and sales of commercial and industrial air-conditioning equipment
8) Sales: 227 billion yen (consolidated base as of period ending March 2007)
9) Number of employees: approximately 3,280 (consolidated base ending March 2007)


  For more information, please contact
     Daikin Industries, Ltd.
 
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