Paloma Rheem to expand heat pump business with Fujitsu General deal
Paloma Rheem Holdings, which specializes in air conditioning units and heat pumps, has revealed plans to acquire Fujitsu General through a tender offer valued at JPY 2,808 ($18.06) per share.
The offer represents a 39.15% premium over the company's six-month average stock price, according to an online statement by Paloma Rheem.
Fujitsu General produces energy-efficient heat pumps, with solutions for heating, cooling, and hot water production in residential and commercial settings. Its heat pump systems use renewable energy from air or ground sources to provide environmentally friendly temperature control.
The acquisition will turn Fujitsu General into a wholly owned subsidiary of Paloma Rheem. The deal could help Paloma Rheem to expand into new foreign markets and drive innovation in integrated air and water solutions for decarbonization, according to the statement.
The deal includes a share repurchase agreement with Fujitsu Ltd., Fujitsu General’s largest shareholder, which will sell its 44.02% stake at JPY 1,995 per share after the tender process concludes.
Paloma Rheem said that Fujitsu General’s board has unanimously approved the offer, with regulatory approvals expected by July 2025. Paloma Rheem President Hiroaki Kobayashi said the partnership will enhance innovation and sustainability while maintaining Fujitsu General's independence.
In April 2023, Rheem launched its Endeavor Prestige air-source heat pump, which provides uninterrupted heating at -30.5 C and exceeds performance benchmarks set by the US Department of Energy’s Cold Climate Heat Pump Challenge. The unit, with a heating capacity of 7.03 kW to 17.58 kW, delivers 77% nominal heating at -26 C and uses R-410a refrigerant.
And in February 2024, Rheem introduced its RD17AZ residential heat pump, offering up to 19 SEER2 and 8.5 HSPF2 efficiency, with cooling capacities of 6.7 kW to 15.5 kW and heating capacities of 7.0 kW to 17.6 kW. The unit features R-410a refrigerant, inverter-driven variable-speed technology, and built-in Bluetooth connectivity via Rheem's EcoNet app.
Earlier this month, a British-Swedish research team proposed a new method for designing and simulating solar-powered heat pump systems, combining five models into a single tool for accurate technical, economic, and climate impact analysis. The researchers highlighted the economic and environmental benefits of such systems, but also identified high upfront costs as the main barrier to widespread adoption.
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