Daikin Europe to acquire German heating manufacturer Rotex.
On August 29, 2008, Daikin Europe N.V., a 100% subsidiary of Daikin Industries Ltd. headquartered in Osaka, Japan, announced an agreement with the principal shareholders to acquire 100% of Rotex Group Companies with headquarters in Güglingen, Germany. Rotex is engaged in the production and distribution of heating products and complete heating systems. This acquisition -subject to the approval of the antitrust clearance authorities in Germany – strengthens Daikin’s offerings and market presence in its heating segment. The final transfer of business is expected to take place by 1 October 2008. More: KWD-globalpipe 2008-09-09, No.281