Daikin Industries Ltd. (6367) will acquire Goodman Global Inc., the leading manufacturer of home air conditioners in the U.S., for roughly JPY 296 billion (USD 3.8 billion) from Hellman & Friedman LLC. The acquisition would be one of the largest yet this year by a Japanese manufacturer.
Daikin's air conditioning segment rang up sales of JPY 1.04 trillion (USD 13.2 billion) in fiscal 2011, making the firm No. 1 in the global market. With Goodman's sales, the sales will increase to JPY 1.2 trillion (USD 15.2 billion).
Back in the spring of 2010, Daikin launched talks to acquire the U.S. firm in a deal that could have cost as much as JPY 350 billion. The negotiation was halted after the March 2011 earthquake. Daikin apparently restarted the talks aided by a strong JPY currency and urged by increased competition from Chinese manufacturers.
Currently Daikin shares are trading at 5.5 % below the yesterday's closing price.
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