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 a recent 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.