Japanese firm purchases large HVAC company in U.S.
Daikin Industries, a small presence in the U.S. air-conditioning market, has purchased Goodman Global for $3.7 billion, putting the Japanese firm just ahead of Carrier in the global HVAC business, according to an article in the Wall Street Journal.
Daikin is buying Goodman from a private equity firm named Hellman & Friedman, which paid $2.7 billion, plus the assumption of debt, to take the company private in 2007, the newspaper reported.
Demand for heating and cooling from the United States, already the largest market for HVAC sales, continues to grow. Houston-based Goodman, which operates factories in Texas and in Tennessee, will bring Daikin technology, new products and distribution channels that the Japanese powerhouse now lacks. HVAC revenues at Daikin reached $13.2 billion in its last fiscal year.
The Goodman Global deal is expected to close in the fourth quarter.
Schuler Cabinetry celebrates Lowe’s deal
Oak Brook, Ill.-based Schuler Cabinetry, a division of Elkay, said it has expanded its presence in Lowe’s stores in its 10th year with the retailer.
Earlier this year, Lowe’s completed an expansion of the brand into virtually all U.S. stores, with 900 additional stores being outfitted with Schuler selection centers and/or cabinet display vignettes.
“We are very pleased about the added opportunities with Lowe’s, as a result of our Schuler market expansion program,” comments Lindsay Klebenow, Elkay VP and general manger for the home center channel. He added that the vendor takes pride in its on-site support and training and quality materials such as Valspar finish topcoat and hardware systems by Blum.
Schuler cabinets are crafted in Independence, Ore.; Waconia, Minn.; and Culver, Ind., for nationwide fulfillment.
Benjamin Moore refreshes chalkboard paint
Montvale, N.J.-based Benjamin Moore introduced a new edition of its Chalkboard Paint, now tintable in any color.
The brand’s Chalkboard Paint has been in the line for years, but the color choices have been expanded to more than 3,300 hues.
“Now, the opportunity to enliven and invigorate a space has exploded by dialing up the color options so extensively,” said Sonu Mathew, the compay’s senior interior designer.
The Benjamin Moore Chalkboard Paint (308) is a latex topcoat that turns virtually any interior surface into a chalkboard, the company said.