Within the HVAC universe, pure-play manufacturers, which include AAON Inc., Lennox Intl., Mestek Inc., and Nortek Inc., have led the market since January 2012 with a cumulative return of 173 percent. Diversified HVAC manufacturers and HVAC service and distribution stocks have also performed well, gaining 67 percent and 62 percent, respectively, outperforming the S&P 500 with a gain of 56 percent over the same period. In late January, two of the industry's larger players announced small acquisitions. Johnson Controls Inc. announced an acquisition of a 26 percent stake in Hitachi Home and Life Solutions (India) Limited for approximately $94 million. Daikin Industries announced it had agreed to acquire the refrigerant and pharma propellants business from Solvay SA, a Brussels-based chemical and plastic business, for approximately $26 million.
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