Daikin India acquires Citizen Industries
Buys air-handling unit manufacturer through a share-purchase agreement
GURGAON, India, 16 December 2020: Daikin Airconditioning India acquired India-based AHU manufacturer, Citizen Industries through a share-purchase agreement, signed on December 15, the former said through a Press release.
According to Daikin, the acquisition will provide prominence to its current infrastructure influence and help increase its penetration across various applications.
Citizen Industries has two manufacturing units, a big base of R&D engineers and service technicians that Daikin said would complement its people strength. The integration of the two companies, Daikin added, would result in joint sales velocity; acquiring of ongoing air-side maintenance contracts; expansion into the applied and VRV solution business, including air side; a horizontal collaboration with American Air Filter (AAF); and catalysing economies of scale at Daikin’s Neemrana factory in the western Indian state of Rajasthan and its R&D centre.
Daikin said its acquisition of Citizen Industries mirrors its assertive philosophy of identifying opportunities ahead of time and building value around its offerings, while keeping customer requirements at the forefront to create a sustainable business, faster than the rest.