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Daikin Acquires U.S. Filter Manufacturer Flanders

2016年02月09日 PM03:20
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OSAKA, Japan

Daikin Industries Ltd. (TOKYO:6367) (Head Office: Osaka; Representative Director, President and CEO: Masanori Togawa) (“Daikin”), through its subsidiary American Air Filter Company Inc. (Headquarters: Louisville, Kentucky; Representative: Philip Whitaker) (“AAF”), has decided to acquire U.S. air filter manufacturer Flanders Holdings LLC (Headquarters: Washington, North Carolina; Representative and CEO: Peter Jones) (“Flanders”). The acquisition price is 430 million dollars (approximately 50.7 billion yen at an exchange rate of 1 USD=118 JPY). Daikin is to acquire all shares of Flanders from Insight Equity Holdings LLC (Corporate Headquarters: Southlake, Texas, United States; Representative: Ted W. Beneski) (“Insight Equity”), an investor in the company. The acquisition is expected to be concluded in April 2016 after completion of the necessary procedures.

As the leading air filter manufacturer in the United States, Flanders is particularly adept in products with high functionality and high value-added that are used in industrial cleanrooms such as those in the fields of pharmaceuticals and food processing. The company boasts a broad lineup ranging from commercial to residential use and a nationwide sales network. Flanders has manufacturing bases near most major U.S. cities, including Chicago and New York, and excels in short lead times and low logistics costs to deliver products that are cost competitive.

Having established manufacturing bases in the regions of Japan, North America, Europe, China, and Southeast Asia, Daikin has expanded its filter business until now through its subsidiaries AAF and Nippon Muki Co., Ltd. Products have focused on commercial-use air conditioning filters used in buildings and factories and engineering fields, including dust collection systems for production facilities. AAF has closely embedded itself in each region of the world and performs development, production, sales, and services for products satisfying the needs of an extensive market.

With this acquisition, the Flanders business will be integrated into AAF and enable AAF to leverage its global sales network to market the cleanroom equipment and high-end air filter products that are the strengths of Flanders. In addition to making AAF the leading manufacturer in the United States, which is reportedly the largest air filter market in the world, this merger will also position AAF as a leading company in the global market.

As a result of the merger, the filter business of the Daikin Group will become a business with sales exceeding 100 billion yen annually. Future synergies with the air conditioning business are anticipated as the filter business transforms into a core Daikin business as a third pillar behind air conditioning and chemicals. The merger will also serve to improve air environments in homes, buildings, and factories; better address global environmental issues, including mitigation of air pollution; and meet the need that is increasing worldwide for creation of comfortable air environments.

About Air Filters

Air filters are used to remove objects, particles, dust, and pollutants from the air and clean it. Not only do filters clean the air in living spaces, but they also perform the important task of preserving human safety by preventing the release of hazardous substances in factories. Air filters maintain the air environments in places such as factory cleanrooms used for metalworking and semiconductors that require a high quality of purity, and they reduce the possibility of contamination from the introduction of impurities.

About Daikin

Daikin Industries, Ltd. is the world’s leading manufacturer of air conditioner products and fluorochemicals, including refrigerants. The company, leveraging its advanced core technologies for refrigerant control, inverters and heat pumps, develops innovative, high-quality air-conditioning solutions for homes, offices and industrial facilities. Founded in Osaka, Japan in 1924, Daikin and its affiliates now operate in more than 70 production bases worldwide and employ a global workforce of 59,000. Daikin products are available in more than 140 countries.
(For more information : http://www.daikin.com/news/index.html)

View source version on businesswire.com: http://www.businesswire.com/news/home/20160208006455/en/

CONTACT

Media Inquiries
Daikin Industries
Tomomi Noro
Corporate
Communication Department
koho.inf@daikin.co.jp

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