Daikin Industries Ltd., through its subsidiary American Air Filter Co. Inc., has acquired Flanders. The acquisition price was $430 million. As a result of the merger, the Daikin’s filter sales will exceed ¥100 billion ($890 million) annually. Approximately 75 percent of that business is in the $7.3 billion air filtration segment. So Daikin will enjoy almost 10 percent of a world market. This is a market which is quite splintered and no competitors are dominating. Flanders is a U.S. based corporation as is AAF. Both have long histories dating back to the post World War II period where the U.S. was the center of the semiconductor industry and warm air heating (steam radiators were used elsewhere). The U.S. filter market share was greater than 50 percent at that time. Now the market share is falling toward 10 percent. Semiconductor production is centered in East Asia. Residential filter sales are soaring in countries such as China and India with highly polluted air. Flanders has… Click Here For Complete News Release Text
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