Air conditioner maker Fujitsu General takes 100% stake in Australia’s Precise Air Group
TOKYO, NNA – Japanese air conditioning equipment maker Fujitsu General Ltd. has taken over an Australian air conditioner maintenance service firm to tap into the field, aiming to achieve synergy effects with its equipment sales in the country.
The company has acquired a 100 percent stake in Precise Air Group (Holding) Pty Ltd. for several billion yen (more than $8.8 million and less than $88 million), Takeshi Tobari, a spokesman for Fujitsu, told NNA Thursday.
Australia’s air conditioning equipment sales and installation market is estimated to be 300 billion yen, including sales to retailers as well as home and office builders, according to Tobari.
Fujitsu has the largest market share of around 20 percent in sales to the retail sector and is one of the top sellers in the overall Australian market, he said.
As part of its medium-term plan to expand overseas business, Fujitsu picked Precise as an entree to Australia’s maintenance service market, focusing on corporate clients, according to the spokesman.
Precise is one of many players in Australia’s estimated 200-billion-yen air conditioner service market with similar market shares. It has annual sales of 92.5 million Australian dollars ($66.8 million).
Founded in 2002, Precise has seen double-digit percentage growth in sales in recent years as it has long-term clients including hotels, the spokesman said.