JAPAN: The Nikkei is reporting that Daikin is set to buy US filter manufacturer Flanders in a deal estimated to be worth $432m.
Already a leading filter manufacturer through its ownership of its Daikin Applied subsidiary AAF International, the Nikkei says the deal would boost Daikin’s total sales in the sector to about JPY130bn ($1.12bn), placing it far ahead of Swedish giant Camfil Group’s turnover of around $645m.
The deal is being conducted with Flanders’ owners Insight Equity, a private equity firm which acquired the business in 2012 for an estimated $192m.
Founded in 1950, Flanders designs, manufactures, markets, and distributes air filters for a range of industries in addition to HVACR, including semiconductor manufacturing, ultra-pure materials, chemical, biological, radiological and material processing, biotechnology, pharmaceuticals, synthetics, nuclear power and nuclear materials processing. It has an annual turnover of around $300m.
Based in Washington, North Carolina, Flanders Corporation operates from seven locations worldwide. Last year, it acquired the assets of Pronamic Industries, a US manufacturer and distributor of fibreglass filter media.