Daikin Europe acquires German heating manufacturer
Daikin Europe has acquired German heating company Rotex, subject to the approval of the anti-trust clearing authorities in Germany. The agreement with the principal shareholders is for the acquisition of 100% of the Rotex Group Companies, Güglingen, Germany. This acquisition will contribute significantly to Daikin’s strategy of expanding its heating business alongside its other strategic business pillars of air conditioning, applied systems and refrigeration. Rotex is a medium-sized heating company with 360 employees engaged in the production and distribution of heating products in Europe. Daikin observes that the European heating market is currently undergoing a structural change, with higher gas and oil prices and changing legislation leading to the share of renewable and energy-efficient heating sources rapidly increasing. Supported by government incentives in most EU countries, heat pumps and solar panels are becoming well established technologies. Daikin’s Altherma heat pump introduced two years ago will now be complemented by Rotex heating products, which comprise efficient boilers and solar and underfloor heating. Rotex will gain the opportunity to integrate an air-to-water heat-pump boiler with these advanced heating technologies. The acquisition will enable the integration of the heating knowhow of both companies to expand their dedicated heating portfolios. The aquisition of Rotex will contribute further to Daikin’s environmental strategy of promoting energy-efficient building solutions.
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