JAPAN/AUSTRALIA: Daikin is reported to be set to acquire Australian air conditioning maintenance company Airmaster for JPY8bn (US$71.6m).
According to the Nikkei Asia, the Japanese air conditioning manufacturer will acquire all shares owned by Airmaster’s management next month.
Established in 1988, Airmaster delivers professional management in air conditioning, ventilation, heating, process cooling and building automation throughout Australia and South East Asia. With headquarters in Melbourne, the company operates from 14 branches with 700 employees across all states in the country. Sales are around US$100m.
Daikin had promised further acquisitions to build on its purchase last year’s of Italian refrigeration group Zanotti for JPY12.3bn and the acquisitions of filter companies Flanders of the USA and Sweden’s Dinair.