Daikin readies billions to expand in warmer world

TOKYO: Daikin Industries Ltd, the world’s largest manufacturer of air conditioners, is ready to tap into its cash pool of 756 billion yen (US$6.6bil or RM28bil) to acquire companies to prepare for a jump in demand as global temperatures rise, while seeking to minimise its carbon impact.

“We need to find ways to invest for the changing environment, finding business opportunities and addressing sustainability concerns, as well as investing in research, people and acquisitions,” chief executive officer Masanori Togawa said in an interview, adding that he prefers targets in new markets to bolster sales and service networks.