Daikin to Acquire Refrigerator Maker AHT
Osaka, Nov. 26 (Jiji Press)--Japanese air conditioner maker Daikin Industries Ltd. <6367> said Monday that it will acquire AHT Cooling Systems GmbH, an Austrian maker of store-use refrigerators, for 881 million euros.
Daikin will acquire all shares in AHT from British investment fund Bridgepoint Development Capital by the end of January next year.
The Japanese company hopes to utilize AHT's products and customer base to expand its freezer and refrigerator business into a new revenue source alongside its core air conditioning business.
Through the acquisition, Daikin aims to quadruple annual sales at its freezer and refrigerator business to some 170 billion yen in fiscal 2025.
Daikin President and Chief Executive Officer Masanori Togawa told a press conference in the western Japan city of Osaka that the acquisition "will give the company a lineup of products and systems that can meet a wide variety of needs within the cold chain from producers to consumers."
[Copyright The Jiji Press, Ltd.]