Heating and Ventilating

Daikin Europe N.V has agreed to buy Rotex Group Companies, headquartered in Güglingen, Germany.
Rotex Heating Systems manufactures and distributes heating products and heating systems in Europe. The acquisition is subject to the approval of antitrust clearance authorities in Germany. The final transfer of business is expected to take place by October 1, 2008.

Rotex is a mid-sized heating company with 360 employees.

A spokesman for Daikin said 'The acquisition of Rotex will contribute significantly to the execution of Daikin's strategy to expand its heating business alongside its other strategic business pillars of air conditioning, applied systems and refrigeration. A close look at the European heating market reveals that it is undergoing a structural change. Driven by higher gas and oil prices and changing legislation, the share of renewable and energy efficient heating sources is rapidly increasing'.

The spokesman added 'Supported by government incentives in most EU countries, solar panels and heat pumps are becoming well-established technologies'.

Daikin entered the European heating market two years ago with its 'Altherma' offering: an air-to-water heat pump, based on Daikin's advanced heat pump technology. Daikin's heat pump range will be complemented by Rotex heating solutions which consists of boilers, solar and underfloor heating.

Rotex was established in 1973 and is known as a leader for advanced heating solutions combining highly efficient hybrid systems of gas/oil/bio-oil condensing boilers and solar panels. It's product range also includes domestic hot water tank and underfloor heating.

In addition to Germany, Rotex has sales affiliates in the main heating markets of Italy, France, Spain, UK and Poland. In 2007, Rotex had a turnover of 62.7 million euro.

Daikin Europe N.V., located in Belgium. Daikin's heating, air conditioning and refrigeration products and systems for commercial, residential and industrial applications is produced and supplied from the Ostend plant in Belgium and is supported by two factories in the Czech Republic. Daikin Europe enjoyed sales of 1.9 billion euro in 2007.