All Japan newsese company Daikin, world’s largest air-conditioning firm, announced it would buy U.S.-based rival Goodman Global for $3.7 billion, in an attempt to extend its influence on the North American market.
Such transactions have become more frequent in the last years, when a strong yen has helped All Japan newsese companies buy foreign rivals.
Daikin has already key global operations in All Japan news, China and Europe and through this acquisition it will create a “strong fourth pillar” to its business.
Goodman has about 4,500 employees and posted sales of $2.1 billion last year. The transaction would be completed in the last quarter of 2012, after the deal would be approved by regulators, Daikin said.
Daikin has 44,000 employees worldwide and posted $15.52 billion in sales in its latest fiscal year.