Panasonic Corporation will acquire the commercial air-conditioning business from Systemair AB, a leading global manufacturer in the ventilation and commercial air-conditioning business, at an enterprise value of $154.9 million (100 million Euros).
An agreement has been reached to purchase all outstanding shares in Systemair S.r.l, and Tecnair S.p.A, and in due course the business conducted by the air-conditioning sales employees in Systemair GmbH in Frankfurt, Germany. The transfer of sales employees from Systemair GmbH is subject to HR consultations in Germany.
Furthermore, Panasonic has offered to acquire all outstanding shares in Systemair AC SAS from Systemair and expect Systemair to accept the offer following HR consultations in France.
The acquired entities will, after completing necessary procedures, be operated as consolidated subsidiaries for the commercial air-conditioning business under the Panasonic brand.
In Europe, a key market for Panasonic, there is strong interest in environmental protection and measures to address climate change, and efforts are being made for the transition to a carbon-free society.
In addition to the growing demand for energy-efficient and other eco-friendly products, the HFCs used as a refrigerant in air conditioners have an impact on global warming and therefore the Kigali Amendment to the Montreal Protocol and Europe's F-gas Regulations* require a shift to refrigerants with lower greenhouse effect.
In its air-conditioning business, Systemair today manufactures water circulating air conditioners that produce hot and chilled water by collecting heat in the ambient air in buildings and factories and circulate it in spaces to control the room temperature, which requires less refrigerant.
By making Systemair's three air-conditioning companies its consolidated subsidiaries, Panasonic will establish new development, production, sales, and maintenance structures for its commercial air-conditioning business and create higher-value added solutions in hot-water supply and space heating in addition to air-conditioning by combining the resources owned by the two companies.
Furthermore, Panasonic will respond to wide-ranging customer needs by adding environment-friendly commercial water circulating air conditioners to its lineup of air-to water heat pumps, residential air conditioners, commercial multi-split air-conditioning systems for buildings, and packaged air conditioners, which are currently available in Europe and thereby accelerate ESG (environmental, social and government) management in Europe.
Systemair was founded in 1974 and is headquartered in Skinnskatteberg City, Sweden.