The purchase is expected to fortify Daikin’s status as the world’s biggest maker of residential heating, ventilating, and air conditioning, or HVAC, systems. Goodman, with 4,500 employees, is one of the largest independent HVAC manufacturers in the US.
Tracy Patch is a vice president with investment banking firm Capstone Partners.
“Prior to the acquisition, the Americas generated about 10% of Daikin’s revenue so the deal is an opportunity for Daikin to increase its business where they previously had little presence.”
Goodman president and CEO David Swift says the purchase will help his company expand its sales outside the US. The deal is expected to close in Goodman’s fourth quarter, subject to approval by regulators and shareholders.