Daikin set to buy refrigeration firm Zanotti
ITALY: Daikin is set to expand its presence within the cold chain with the purchase of Italian refrigeration group Zanotti for €98m.
A family business founded in 1962 to produce refrigeration plug-in units under the name Uniblock, Zanotti has grown to a company producing a wide range of units for both stationary and transport refrigeration, as well as being active in the industrial refrigeration systems market. Zanotti achieved sales of €125m last year and has representation in more than 65 countries. In addition to Italy, it has factories in Germany, Spain, England, Brazil and China. In the UK the company has owned Hubbard Products since 2007.
Best known for its air conditioners and chillers, Daikin has been providing integrated systems to convenience stores in Japan and Europe with its Conveni-pack and Zeas products. It also manufactures refrigerated containers for the shipping industry.
In a statement, Daikin said: “With this acquisition, Daikin can now provide a diverse product line for all aspects of the cold chain in the European market for low temperature and refrigeration equipment. Also, by applying the technologies that it has cultivated in air conditioning to Zanotti products, Daikin will be able to provide high value-added products that excel in energy savings.”
The deal is expected to be finalised at the end of June.
Daikin Industries has also announced today that it has completed the deal to acquire US filter manufacturer Flanders. The acquisition price was $430m.