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Daikin CEO Masanori Togawa: acquisitions backed by JPY600bn war chest

JAPAN: Backed by a war chest of JPY600bn ($5.2bn), Daikin is reported to be considering the acquisition of European heat pumps sales and service companies and refrigerated display case manufacturers.

In an interview with Bloomberg, Daikin CEO Masanori Togawa also revealed that the company had not been approached but said he saw no synergies in acquiring Fujitsu General or Toshiba – which recently announced the sale of most of the shares in its air conditioning joint venture business to Carrier.

Daikin acquired plug-in supermarket refrigerator and freezer manufacturer AHT in 2019. The company is now interested in adding a manufacturer of remote cabinets and an expansion of its cold chain capabilities.

Togawa also revealed that the company could exceed its M&A budget of JPY600bn, if necessary, and intends to use acquisitions to achieve a number one position in the domestic and commercial air conditioning market in North America.

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