Panasonic Corporation today announced that its Heating & Ventilation A/C Company intends to acquire the commercial air-conditioning business from Systemair AB (hereinafter referred to as Systemair), a leading global manufacturer in the ventilation and commercial air-conditioning business, at an enterprise value of 100 million Euros.
An agreement has been reached to purchase all outstanding shares in 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 expects Systemair to accept the offer following HR consultations in France.
The acquired entities will be operated as consolidated subsidiaries for the commercial airconditioning business under the Panasonic brand after completing necessary procedures.
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 Enhancement of the commercial air-conditioning business and expansion of the water heater and heating appliance business the two companies. Furthermore, Panasonic will respond to wide-ranging customer needs by
adding environment-friendly commercial hydronic 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 management in Europe.
