November 25, 2018 / 11:48 PM / 19 days ago

Japan's Daikin to buy Austria's AHT Cooling for about $885 mln

TOKYO, Nov 26 (Reuters) - Japan’s Daikin Industries Ltd said on Monday it plans to buy Austria-based AHT Cooling Systems for slightly more than 100 billion yen ($885 million), confirming a report in the Nikkei business daily.

Daikin, the world’s largest maker of air-conditioning equipment, plans to make a formal announcement later in the day, a spokeswoman said.

The Nikkei reported that Daikin’s acquisition of unlisted AHT Cooling would triple its sales in the refrigeration business. AHT has production sites in Austria, the United States, China and Brazil, according to its website. ($1 = 112.8900 yen) (Reporting by Chang-Ran Kim; Editing by Himani Sarkar)

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