OSAKA -- Industrial air conditioner manufacturer Daikin Industries Ltd. said Friday it has set up a wholly owned unit in Beijing to oversee air conditioner and chemical products operations at the company's Chinese subsidiaries.
Daikin (China) Investment Co., capitalized at $30 million, will supervise the manufacture and sale of the products at five manufacturers as well as the operations of 18 marketing units, the company said.
The 23 China-based Daikin firms employ a total of 1,000 workers.
The Daikin group logged combined Chinese sales of 24.2 billion yen in the business year through March 31, accounting for 4.5 percent of the group's worldwide annual sales.