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 the shares of Airfel with its headquarters in Istanbul, Turkey. Airfel's core activity is the production and distribution of heating, air conditioning and ventilation products, primarily in the Turkish market. This acquisition - subject to the approval of the antitrust clearance authorities in Turkey -strengthens Daikin's sales network in the Turkish market and extends its product offering in the EMEA markets. The final transfer of business is expected to take place by the end of August 2011.
Daikin has been pursuing various strategies, in order to accelerate entries into new emerging markets and expansion of business areas. Through the acquisition, Daikin aims to further grow its activities within Turkey by combining and maximizing each of Daikin's and Airfel's complementary strengths and competences within the Heating, Air Conditioning and Ventilation markets.
Daikin expects the Turkish air conditioning market to rapidly grow from €900M in 2010 to €1.700M in 2015, making it one of the biggest markets within the EMEA region. Furthermore, the Turkish market will continue to develop towards inverter driven technology products, helped by increasingly environmental policies from the government. Furthermore, Turkey's unique geographical positioning and impressive recent economic performance will make it an important player for the whole EMEA region.
