JAPAN: Daikin is to collaborate with another Japanese manufacturer in the development of heat pump air conditioners and the sale of heat pump chillers.

The deal announced in Japan, will see Daikin acquiring around 5% of shares in Osaka-based Sinko Industries, with Sinko buying an equivalent value of Daikin shares.

Under the deal, the companies say they will jointly develop “a mutual technology” central heat pump air conditioner, and will collaborate on expanding sales of heat pump chillers.

Established in 1950, Sinko produces a range of commercial air conditioning units with sales throughout the Far East and Middle East. Sales in 2016 were $302m.

Sinko’s HVAC research centre in Hadano City, Kanagawa, is thought to be the largest of its kind in Japan.