Daikin, Panasonic eye broad air conditioners partnership
Already major players in the industry, the Japanese companies aim to further boost sales by joining forces in bringing state-of-the-art technologies to emerging and other markets, Nikkei Asian Review reports.
Daikin leads the global air conditioner market and is strong in commercial products, while Panasonic ranks first in Japan in household products.
Daikin President Masanori Togawa and Panasonic President Kazuhiro Tsuga met recently and agreed to begin tie-up talks. They hope to finalize an agreement this summer.
Daikin lifted group sales above 2 trillion yen ($18.4 billion) for the first time in the fiscal year ended March 31. It sees expanding emerging-market operations as key to raising the figure to 3 trillion yen.
Panasonic plans to increase sales in its air conditioner business to 700 billion yen in the year ending March 2019, up 50% from fiscal 2015. But it faces tougher conditions, such as the slowdown in the Chinese economy. ■