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Daikin Industries Ltd. (Head Office: Osaka; Representative Director, President and CEO: Masanori Togawa) (“Daikin”), through its subsidiary American Air Filter Company Inc. (Headquarters: Louisville, Kentucky; Representative: Philip Whitaker) (“AAF”), has decided to acquire U.S. air filter manufacturer Flanders Holdings LLC (Headquarters: Washington, North Carolina; Representative and CEO: Peter Jones) (“Flanders”). The acquisition price is 430 million dollars (approximately 50.7 billion yen at an exchange rate of 1 USD=118 JPY). Daikin is to acquire all shares of Flanders from a shareholder group led by an affiliate fund of Insight Equity Holdings LLC (Corporate Headquarters: Southlake, Texas, United States; Representative: Ted W. Beneski) (“Insight Equity”). The acquisition is expected to be concluded in April 2016 after completion of the necessary procedures. As a leading air filter manufacturer in the United States, Flanders is particularly adept in products with high functionality and high value-add that are used in industrial cleanrooms such as those in the fields of pharmaceuticals and food processing. The company boasts a broad lineup ranging from commercial to residential use and a nationwide sales network. Flanders has manufacturing bases near most major U.S. cities, including Chicago and New York, and excels in short lead times and low logistics costs to deliver products that are cost competitive.Having established manufacturing bases in the regions of Japan, North America, Europe, China, and Southeast Asia, to this point, Daikin has expanded its filter business through its subsidiaries AAF and Nippon Muki Co., Ltd. Products have focused on commercial-use air conditioning filters used in buildings and factories and engineering fields, including dust collection systems for production facilities. AAF has closely embedded itself in each region of the world and performs development, production, sales, and services for products satisfying the ...

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