World-leading Suffolk refrigeration manufacturer announces relocation plans

With the announcement today, that Daikin Industries, Osaka, Japan will acquire refrigeration manufacturer Zanotti Spa, Pat Maughan; chief executive of Zanotti´s Hubbard Products has welcomed the increased opportunities the merger will present for the UK refrigeration manufacturer.

Daikin intends to utilise the merger to expand its refrigerator and freezer business in Europe while continuing to enhance its business foundation as a comprehensive air conditioning and refrigeration manufacturer.

The acquisition of Zanotti will give Daikin a strong foothold in the European market. The Japanese company will now be able to promote Zanotti´s products in areas such as Asia, and the U.S. through sales channels developed by its air conditioner business.

Tapping energy-saving inverter technology, Daikin plans to work with Zanotti to develop next-generation refrigeration equipment and take on Carrier of the U.S. and other global leaders.

Speaking on the final day of the CV show Pat Maughan said: “This latest news places Hubbard firmly on the agenda in the worldwide refrigeration market. Daikin’s acknowledgement that Zanotti´s reputation for innovation and technical expertise, as illustrated by Hubbard´s development of the Dearman powered zero-carbon transport refrigeration unit, was a key feature of the merger and will create new opportunities for Hubbard Products.”

The acquisition price of 98 million euros (12.3 billion yen at an exchange rate of 1 euro = 125 yen) will enable Daikin to obtain the complete Zanotti operation.

Finalisation of the transaction is scheduled for the end of June 2016 after completion of all the necessary procedures.