BELGIUM/FINLAND: Daikin Europe has entered into an asset purchase agreement to acquire the cooling business of its Finnish distributor Recair Oy.
Daikin has signed an agreement for the acquisition of the stock, the customer base and the staff of Recair’s cooling business which, in addition to the distribution of Daikin’s heating and cooling products, includes distribution of Sabiana cooling products and Stulz close control units.
After the completion of the asset purchase agreement, these assets will be incorporated in the Daikin Finland sales office, which will operate from the current Recair Oy location in Vantaa.
Daikin’s other distributor Ahlsell Oy is unaffected by the agreement and will continue to distribute Daikin products in the Finnish market.
“A very long partnership between Recair and Daikin has entered into a new phase, in which we have put together the strongest local expertise and the world’s most advanced technological developer in its sector,” commented Recair chairman Juha Kujala.
Describing Recair and Daikin as an excellent match, Daikin Europe vice president Toshitaka Tsubouchi said: “It is reassuring that the Recair team, under the leadership of the current management, will continue to run the sales office. We are excited to work alongside the team in developing creative solutions and further grow the business.”
The deal is expected to be completed at the end of this month.