Daikin confirms Solvay refrigerants purchase
2nd February 2015
JAPAN: Daikin says its acquisition of Solvay’s European refrigerants business will boost sales to €230m by 2018.
In a deal reported to be worth around €22m, the deal gives the Japanese company, best known in the West as an air conditioning manufacturer, its first refrigerant manufacturing base in Europe. Daikin’s refrigerants business achieved sales of around €90m last year, mainly in the Far East, where it has manufacturing sites in Japan and China. By expanding its sales channels in Europe, Daikin expects to boost refrigerant sales to more than €230m by 2018.
Daikin has now confirmed the news that was first reported in the Cooling Post on Friday. In its announcement, Daikin says: “Acquiring Solvay will enable Daikin to fully enter the refrigerant business in Europe, inheriting in addition a sound production base on the continent which will help it achieve the above purpose. Daikin will also further expand its product lineup to include the automotive refrigerant sold by Solvay as it aims in 2018 for sales in the global refrigerant market of 30 billion yen.”
Solvay’s European refrigerants business is reported to be worth around €53m but, significantly, Daikin’s purchase will also give the Japanese company access to Solvay’s refrigerant quota under the European F-gas regulations.
The move also gives Daikin access to Solvay’s refrigerant recovery facility at its manufacturing site in Frankfurt. Daikin says it will be formulating concrete efforts in fiscal year 2015 “that include recovery and reuse of refrigerant gas and the development of sustainable automotive refrigerant.”
Daikin already offers a variety of fluorinated materials worldwide through its subsidiary Daikin Chemical France, located in Lyon, France, as well as through its bases in Japan and China. In particular, Daikin has been supplying European automotive manufacturers with advanced fluorinated materials addressing fuel permeation regulations and turbocharger applications among others. With this acquisition, Daikin says it also intends to solidify its relationship with European automotive manufacturers and further expand sales of fluorinated materials to this industry by accelerating product development that precisely meets customer needs.
Related news:
Daikin buys German refrigerant plant – January 30, 2015
BELGIUM: Daikin has gained a European manufacturing base for refrigerants with its purchase of Solvay’s German-based refrigerant business. Read more…
