2 November 2012
Daikin Industries, Ltd. announces the completion of its acquisition of Goodman Global Group, Inc. (Head Office: Houston, Texas, USA - hereinafter "Goodman"), which was announced on August 29, 2012, for a purchase price of 3.7 billion dollars (including the refinancing of Goodman's existing indebtedness) as of November 1, 2012 (US time). In the two months since the signing, Daikin obtained the regulatory approvals from relevant authorities necessary for consummating the acquisition.
Combining the state-of-the-art environmental technology of Daikin with the air conditioners of Goodman, Daikin plans to use this acquisition to launch advanced environmentally-friendly products in the US residential and commercial HVAC markets. In doing so, the company hopes to initiate a new wave of growth that sustains both business expansion and contribution to the environment.
Furthermore, Daikin hopes to improve competitiveness even further by capitalizing on Goodman's lean management know-how to develop business in emerging economies and high-volume markets and restructure the earning power of the Daikin Group overall, including activities in the advanced economies.
To quickly generate synergies between the companies while maximizing the advantages of the complementary relationship between Daikin and Goodman and accelerating further growth and development of both companies, we have begun formulating and implementing concrete action plans.
In regards to Daikin's consolidated financial results, the acquisition will be reflected in the consolidated balance sheet for fiscal year 2012 and in the consolidated income statement from fiscal year 2013.
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