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Daikin to become world's number one A/C co?

Daikin industries is set to become the world’s largest air-conditioning company in terms of sales, according to Nikkei.com.

Speaking at a meeting for investors and analysts, company chairman Noriyuki Inou says: “It looks like we may surpass U.S. rival Carrier Corp. and become No. 1 worldwide”.

Daikin’s aggressive overseas expansion, particularly in Europe and China, has reportedly made the difference.

The company estimates that Carrier’s air conditioner segment took in sales of roughly 732 billion yen in 2009, assuming a currency exchange rate of 90 yen to the dollar. Daikin estimates that Carrier’s figure remained almost flat in 2010, undershooting Daikin’s projected air conditioner segment sales of 940 billion yen for the year ending in March.

While Carrier is focused more on its U.S. home market, Daikin derives about 60 per cent of its sales overseas.

Under its upcoming five-year business plan, Daikin will set up an R&D centre in India to develop products tailored to each of the emerging markets.

As for a purchase of US competitor Goodman Global Inc., Inoue said Daikin is considering the acquisition, adding “there are multiple candidates that we would like to buy or partner with.”

“We’ll make a decision taking synergies and financial conditions into account, there is no need to rush.”

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