TOKYO: Daikin Industries, Ltd. has announced that a resolution was passed at the Board of Directors meeting held on May 30, 2019, to establish a new subsidiary in China for the manufacture and sales of fluorochemical products.[the_ad id=”31605″]The subsidiary is being established, with an investment of Yen 16 billion, to strengthen the manufacturing and sales functions for fluorochemical products in China in the semiconductor and battery materials market where demand is expected to substantially expand in the medium and long term.
The name of the subsidiary will be Daikin New Materials (Changshu) Co. Ltd, and it will be established in October 2019.
The subsidiary will be established with Daikin Industries holding a 40% interest. A Daikin Industries company director will be appointed as one of the three company directors of the subsidiary. Sales transactions of products will be conducted between Daikin Industries and the subsidiary.