The deal will be completed in June 2016. Daikin plans to use the purchase to grow its market share of the commercial refrigeration and freezer market in Europe while enhancing its existing air conditioning and refrigeration business.
Zanotti products are used in the food chain from production to transportation and in retail applications. The company has factories in Italy, the UK and Spain.
By buying Zanotti, Daikin moves its business from providing solutions to part of the refrigeration and air conditioning sector to a wider market. Daikin plans to grow its business in Asia, the USA and China where the markets are expected to rapidly grow.