Recair and Daikin agree on asset purchase deal
Finnish heating and air conditioning company Recair has agreed to sell its cooling business in Finland to its long-time associate Daikin Europe (Daikin).
The asset purchase deal is expected to be closed on 31 October, after which Recair’s cooling business will be incorporated into Daikin’s recently established Finnish office.
Recair and Daikin, a heating, air conditioning and ventilation company based in Belgium, have co-operated for a long time, with Recair being crucial in building Daikin’s commercial business in Finland.
“A very long partnership between Recair and Daikin has entered into a new phase, in which we have put together the strongest local expertise and the world’s most advanced technological developer in its sector,” says Juha Kujala, chairman of the board at Recair, in a press release. “The new team has an exceptional mix of knowledge and resources to serve Finnish customers, who will benefit from the strength of both companies in a new and exceptional way.”
Daikin has set ambitious targets in Finland, aiming to hit double-digit market shares in commercial and residential applications for its air conditioning, heating and ventilation business.
Recair will provide essential support in this, with its experience, customer and supplier base, and the sales team of its cooling business, which will join Daikin’s Finnish sales office.