Goodman Manufacturing
TypePrivate
IndustryHVAC
Founded1975 (1975)
San Antonio, Texas, U.S.
FounderHarold V. Goodman
HeadquartersWaller, Texas, U.S.
Area served
United States, Canada
Key people
Takeshi Ebisu (CEO)
BrandsAmana
GMC
Goodman
Janitrol
RevenueIncrease $2.6 billion (2013)
Number of employees
5,000+
ParentDaikin
Websitewww.goodmanmfg.com

Goodman Manufacturing is an American company operating as an independent subsidiary [1][2] of Daikin Group, the world's largest manufacturer of heating, ventilation and air conditioning products and systems. The company, founded in 1975 and based in Waller, Texas, manufactures residential heating and cooling systems.[3]

Goodman is located just outside Houston, Texas, in the $417 million Daikin Texas Technology Park.[4][5]

History

Goodman Manufacturing was founded by HVAC dealer, Harold V. Goodman, in 1975 as a manufacturer of flexible air ducts and plastic blade registers. However, he turned his sights to fulfill a dream of manufacturing affordable HVAC equipment for households across the United States of America and beyond.

In 1982, the company acquired Janitrol and entered the HVAC market, expanding its product offering in 1986 to include gas heating products.

Harold V. Goodman died in 1996 and was succeeded by Frank H. Murray who became chairman and CEO in April 1996.

In 1997, Murray initiated and spearheaded the Goodman acquisition of[6] Raytheon Appliances, the predecessor of Amana Corporation, a manufacturer of appliances and HVAC units. Four years later, in 2001, Goodman separated its appliances business from its HVAC business and would sell the appliances business to Maytag Corporation.[7]

In 2004, Goodman was acquired by Apollo Management, a private equity firm, for approximately $1.43 billion.[8] Just a year and a half later, in April 2006, Goodman completed an initial public offering, listing on the New York Stock Exchange.[9]

In October 2007, Goodman agreed to be acquired by Hellman & Friedman, a San Francisco-based private equity firm, in a $1.8 billion transaction.[10] In August 2012, Hellman & Friedman agreed to sell Goodman Global to Japan's Daikin Industries Ltd. for $3.7 billion.

In 2015, Daikin commenced construction of the state-of-the-art Daikin Texas Technology Park campus near Houston, Texas. This project, costing over $400 million, was the largest investment made in Daikin’s 90-year history. In October 2016, operations at the new facility ramped up and the first Goodman air conditioner and gas furnace units came off the line.[11]

In 2017, the construction of the huge facility concluded to consolidate Goodman’s HVAC manufacturing, engineering, logistics, and customer support under one, very large 4.1 million square foot roof.

In 2017, Goodman acquired property technology (proptech) company Motili, to expand its HVAC market reach.[12]

In September 2019, the company closed a factory in Fayetteville, Tennessee and laid off about 700 workers. The closure of the factory is part of a long-term plan to relocate manufacturing jobs to a new industrial facility in Texas.[13]

Brands

References

  1. ↑ "StackPath".
  2. ↑ "Japan's Daikin to Buy U.S. Peer Goodman". Wall Street Journal. 29 August 2012.
  3. ↑ "History Behind The Growth | HVAC | Goodman Manufacturing". www.goodmanmfg.com. Retrieved 2020-04-16.
  4. ↑ "Daikin celebrates grand opening at new technology park". 24 May 2017.
  5. ↑ "Lake Country Repair". Saturday, 13 March 2021
  6. ↑ Canedy, Dana (15 July 1997). "Sale to Remove Raytheon from Consumer Appliances". The New York Times.
  7. ↑ MAYTAG GETS APPROVAL TO PURCHASE AMANA, A RIVAL. New York Times, July 14, 2001
  8. ↑ APOLLO TO BUY HEATING AND AIR-CONDITIONING CONCERN . New York Times, November 20, 2004
  9. ↑ Stock Offerings This Week. New York Times, April 3, 2006
  10. ↑ Maker of Heating Systems Is Bought for $1.8 Billion. The Associated Press, October 23, 2007
  11. ↑ "On outskirts of Houston, giant HVAC plant employs thousands". 21 May 2017.
  12. ↑ "Jeff Wilkins, CEO and director at Motili".
  13. ↑ Kelman, Brett. "Goodman Manufacturing to layoff 700+ workers from small-town factory". The Tennessean. Retrieved 2020-02-25.
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