OSAKA -- Panasonic will work with Hong Kong manufacturer Welcome Air-Tech to develop and sell industrial air conditioners in Southeast Asia to capture demand as environmental regulations tighten.
The Japanese company hopes to raise its share in the region's industrial air conditioner market to 15% from the current single digits.
Welcome Air-Tech produces air-handling units, which heat, cool and ventilate buildings. In high-rises, they are commonly used with industrial air conditioners. The partners hope to combine technologies and create air conditioners with even smaller environmental footprints.
In Southeast Asia, Panasonic sells mainly residential air conditioners made in countries like Malaysia. It has a 20% share of the region's home air conditioner market -- higher than elsewhere. The company aims to parlay its reputation in home air conditioners into a larger share in the industrial space.