Daikin Europe N.V. enters into an Asset Purchase Agreement with Recair Oy.

Daikin Europe N.V. (Daikin), a Heating, Airconditioning and Ventilation company – has entered into an Asset Purchase Agreement with Recair Oy to acquire its Cooling business in Finland.

Following the closing of this transaction, Daikin will incorporate these assets in their recently established Finnish sales office, from where Daikin will further develop the business in Finland.

Recair has been for a long time an essential and valuable partner of Daikin and has been crucial in the development of Daikin’s commercial business in Finland. Since the start of 2017, Recair and Daikin have been in open discussion about their long-term strategic goals and plans for Daikin in Finland, and how these could best be aligned with the ambition of Recair.

Within the next couple of years, Daikin has an aggressive growth plan, targeting double digit market shares in the market of commercial applications as well as residential applications. Both parties concluded that the execution of this ambitious strategy would be best as part of the Daikin Group. Therefore, the sales team of Recair’s Cooling business will be incorporated into the Daikin’s Finnish sales office.

Leveraging on the experience of Recair and its current customer and supplier base, Daikin will work towards growing the air conditioning, heating and ventilation business.

With this acquisition, Daikin, takes another important step towards strengthening its position in the Scandinavian market.

“A very long partnership between Recair and Daikin has entered into a new phase, in which we have put together the strongest local expertise and the world’s most advanced technological developer in its sector. The new team has an exceptional mix of knowledge and resources to serve the Finnish customers, who will benefit from the strength of both companies in a new and exceptional way” says Mr. Juha Kujala, Chairman of The Board Recair Oy.

“The entrepreneurial spirit, industry expertise, clear customer focus and cultural values that make Recair Oy successful today are an excellent match with Daikin. It is reassuring that the Recair team, under the leadership of the current management, will continue to run the sales office. We are excited to work alongside the team in developing creative solutions and further grow the business.”
adds Mr. Tsubouchi - Vice President - Daikin Europe. N.V.

Completion of the asset deal is expected on 31/10/2018.

Ends

EDITOR NOTES

Daikin Europe N.V.

Name                                              Daikin Europe N.V.

Headquarters                                Zandvoordestraat 300, 8400 Oostende, Belgium

Representative                              M. Minaka

Capital                                             +/- 155 Mio Eur ( Fiscal year 2017)

Established                                     1973

Description of business               Design, manufacture, and sales of heating (heatpump, Ground
source) and Airconditioning products, Chillers, Ventilation and refrigeration, commercial and residential.

Sales                                               Approx. 2,5 Bio Eur (Fiscal year 2017)

Number of employees                 Approx. 7.000 people

Recair Oy

Name                                              Recair Oy

Headquarters                                Pavintie 12, 01260 Vantaa, Finland

Representative                              Mr. Kujala

Capital                                             +/- 1.2 Mio Eur ( Fiscal year 2017)

Established                                     2005

Description of business               Manufacturer and sales of Airconditioning systems

Sales                                               Approx. 11 Mio Eur (Fiscal year 2017)

Number of employees                 Approx. 50 people

FURTHER INFORMATION - Contacts

Greet Timmerman: +32486131007 – timmerman.g@bxl.daikineurope.com

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