Daikin Industries continues to put on hold Goodman Global acquisition talks
13 Jan 2012
Japan's Daikin Industries, the world's second-largest air-conditioner maker, said that talks to buy its US rival Goodman Global are still on hold, but it is still interested in a deal, Reuters today reported.
Daikin, which was planning to acquire Goodman, had put talks on hold last April due to the earthquake that hit in March and the uncertain global economic scenario.
Osaka-based Daikin had said in January 2011 that it was mulling buying Goodman, which analysts had said could be a $4-billion deal.
The merger could have made Daikin the largest air conditioner manufacturer in the US surpassing United Technologies Corp.
Goodman is owned by San Francisco-based private equity firm Hellman & Friedman, which took it private in 2007, in a $2.65-billion cash deal including debt.
Hellman & Friedman in late 2010 put Goodman on the block, which would see the PE firm getting nearly four times its investment.
Founded in 1975, privately-held Houston, Texas-based Goodman is the country's second largest manufacturer of heating, ventilation and air conditioning products for residential and light commercial use.
The company operates under the Goodman, Amana and QuietFlex brands and recently added Whirlpool to its list of brand offerings. Its products are sold through company-operated and independent distribution networks with more than 800 distribution points throughout North America.
