Goodman sale spells creation of HVAC giant
August 29, 2012
Daikin Industries, Ltd. has announced that it has signed a definitive agreement to acquire Goodman Global Group, Inc. from affiliates of Hellman & Friedman LLC for $3.7 billion. In a signing ceremony on August 29, 2012 in Osaka, Japan, Noriyuki Inoue, the chairman and CEO of Daikin Industries, Ltd , said, “Goodman is the best North American partner for Daikin as we aim to reinforce our position as the leading global HVAC manufacturer. Goodman’s market leading ducted product offering and extensive distribution network in the largest HVAC market in the world is complementary to Daikin’s existing products and distribution channels.” “The combination of the Daikin Group and Goodman is the next step in becoming the definitive leader in the global HVAC marketplace. I am enthusiastic about our companies coming together to further satisfy the needs of our customers now and in the future,” said David Swift, CEO of Goodman Global, Inc. Swift added that, “Because of the different complementary products and markets that our separate organizations serve, we do not expect any immediate organizational changes.” The transaction is expected to close in Goodman’s fourth quarter. Until closing, Daikin and Goodman will continue operating as separate companies. DIL’s North American HVAC operations comprise of McQuay International, American Air Filter and Daikin AC Americas Inc.