International.
Daikin Industries Ltd., through its subsidiary Daikin Europe N.V., announced that it will acquire Zanotti S.p.A., an Italian manufacturer of commercial refrigerators and freezers. The acquisition price is 98 million euros (12.3 million yen) for which Daikin would get all of the company's shares from the executive-owned asset management company Zanotti.
Completion of the transaction is expected to occur by the end of June 2016. Daikin intends to use the acquisition to expand its refrigeration and freezing business in Europe while continuing to grow its comprehensive air conditioning and refrigeration business base.
With its activity focused on Europe, Zanotti has developed a wide range of products for the entire cold chain ranging from those used in food production and transport (land shipping) to those found in stores.
Daikin said the global market for commercial refrigerators and freezers operates annually on a scale of 4 trillion yen in sales. Therefore, Europe has sales that exceed 800 million yen, second only to North America. On top of that, European countries are very focused on environmental concerns and have introduced energy-saving standards for refrigerators and freezers, along with those applied in air conditioners. This type of business environment in Europe will allow Daikin to take full advantage of its energy-saving technologies.
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