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CORPORATE NEWS [latest news list] July 10, 2008
Establishment of sales and after service networks to fully enter South Korean market
Establishment of Daikin Airconditioning Korea Co., Ltd.

As of today, Daikin Industries, Ltd. (Head Office: Osaka) has established Daikin Airconditioning Korea Co., Ltd. (Wholly owned subsidiary of Daikin Industries; Capital: approx. 300 million yen; Head office: Seoul), to engage in air-conditioning equipment sales in South Korea. The company will begin business operations on August 1st and will establish Daikin's sales network as well as enhance its after sales service organization.

Up to now, Daikin has sold products in South Korea through import agents. The new company will allow Daikin to develop its own sales network by conducting business with leading design firms in the nation's capital (Seoul, Gyeonggi province) and developing relationships with established businesses that have design and after service capabilities. This will lead to strengthened sales of Daikin's building type multi air-conditioning systems, in the commercial-use air-conditioning market.

The South Korean air-conditioning market is the sixth largest in the world, worth approximately 170 billion yen, of which the commercial-use market accounts for roughly 110 billion yen (Daikin estimate of FY2007 demand). Demand is generally concentrated in the Seoul metropolitan area, with about 60% of building type multi air-conditioning demand also centered in and around Seoul.

While significant sales of building type multi air-conditioning systems have a relatively short history in South Korea, Daikin expects demand for high performance, energy saving units to expand in the future, particularly in the commercial sector, due to such factors as increasingly upscale condominiums and replacement demand for air-conditioning equipment installed for the 1988 Seoul Olympics.
Establishment of the sales company will enable Daikin to broadly communicate the appeal of its building type multi air-conditioning systems, to expand the market and the products available, and to offer air-conditioning systems optimized for South Korea.

In the future, local market circumstances will be incorporated into product development and the product lineup will be further expanded to increase sales. In addition, remote-monitoring services that predict air-conditioning equipment failures and other systems will also be available in the future to enhance after sales service capabilities.

[Summary of New Company]
1) Company name: Daikin Airconditioning Korea Co., Ltd.
2) Place of incorporation: Seoul, South Korea
3) Representative: Takao Hashimoto, President (Representative Director)
4) Share capital: 2.8 billion won (approximately 300 million yen)
5) Investment ratio: wholly owned subsidiary of Daikin Industries, Ltd.
6) Established: July 10, 2008
7) Description of business: sales and after service of air-conditioning equipment
8) Number of employees: approximately 40 (plan for end of 2010)

  For more information, please contact
     Daikin Industries, Ltd.
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