Panasonic acquires all shares in air conditioning business*1 from Systemair AB of Sweden

OSAKA, Japan–(BUSINESS WIRE). with an enterprise value of 100 million euros.

An agreement has been reached to acquire all outstanding shares in Systemair Srl and Tecnair SpA and, in due course, the air conditioning sales force business of Systemair GmbH in Frankfurt, Germany. In Germany, the takeover of sales staff from Systemair GmbH is subject to personnel consulting.

In addition, Panasonic has offered to acquire all outstanding Systemair AC SAS shares from Systemair and expects Systemair to accept the offer for recruitment consultancy in France.

The acquired companies will operate as consolidated subsidiaries for the commercial air conditioning business under the Panasonic brand, upon completion of the necessary procedures.

In Europe, a key market for Panasonic, there is a strong interest in environmental protection and action to combat climate change, and efforts are being made to transition to a zero-carbon society. In addition to the growing demand for energy efficient and other environmentally friendly products, CFCs used as refrigerants in air conditioning have an impact on global warming and hence the Kigali Amendment to the Montreal Protocol*2 and the European F-Gas Regulations*3 require a switch to refrigerants with a lower greenhouse effect.

In the field of air conditioning, Systemair today manufactures water circulating air conditioners that produce hot and chilled water by collecting heat from the air around buildings and factories and circulating it around rooms*4 to control the room temperature, which requires less refrigerant.

By making Systemair’s three air conditioning companies consolidated subsidiaries, Panasonic will establish new development, production, sales and maintenance structures for its commercial air conditioning business, in addition to creating higher value-added solutions in hot water supply and space heating air conditioning by combining the resources of both companies. Additionally, Panasonic will address wide-ranging customer needs by adding eco-friendly commercial water circulation air conditioners to its range of air-to-water heat pumps, residential air conditioners, multi-split commercial building air conditioners and packed air conditioners currently available in Europe, thereby achieving the ESG – Accelerate management (environmental, social and government) in Europe.

Panasonic Heating & Ventilation A/C Company is a leading company in the field of indoor air quality with fans and air purifiers, as well as in the field of residential and commercial air conditioning. Combining competitive knowledge and technology accumulated through over 100 years of research, we strive to solve social problems and create a healthier and more comfortable life and society.

Systemair was founded in 1974 and is headquartered in Skinnskatteberg City, Sweden. The company is a leading manufacturer of ventilation and commercial air conditioning technology.

President Masaharu Michiura of Panasonic Heating & Ventilation A/C Company stated: “We formed a business alliance with Systemair in 2019 to start sourcing commercial air conditioning. We have expanded the scope of cooperation, for example by selling our residential air-to-water system heat pumps in combination with Systemair total heat exchangers. By combining Systemair’s commercial air conditioning technologies with our inverter and energy saving technologies, we will faster deliver the high value-added solutions our customers demand. We are very pleased that by signing a long-term supply agreement with Systemair we will be able to contribute to our customers and further deepen our partnership.”

Roland Kasper, President and CEO of Systemair, stated: “We have worked with Panasonic in the commercial air conditioning business over the years and together we developed a deep understanding of our partner’s culture and strengths and developed a good relationship. We have decided to sell the air conditioning business in Italy and Germany and intend to sell the air conditioning business in France because we are confident that focusing on our core business, ventilation, will strengthen our offer to our customers and is in line with our strategy Systemair is strives to be the best partner for our customers by continuing to offer best-in-class ventilation products, heat pumps and integrated heat pump solutions in our ventilation systems. We are very pleased to be able to continue to support our current and future customers by signing a long-term agreement with Panasonic for the supply of commercial air conditioning and further strengthening our partners Hip.”

*1. Commercial chillers, heat pump air conditioners, fan coil units, etc.

*2. Environmental agreement to protect the ozone layer. The target for reducing the consumption and production of ozone-depleting substances and the timeline for the reduction have been set.

*3. This regulation came into force in Europe on July 4, 2006. It regulates fluorinated gases including hydrofluorocarbon (HFC), perfluorocarbon (PFC) and sulfur hexafluoride (SF6) specified in the Kyoto Protocol.

*4. Since the water circulating system uses water to regulate the room temperature, it can reduce the amount of refrigerant required compared to the refrigerant circulating system (see next page).

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Systemair overview

Name of the company

Systemair AB

Representative

Gerald Engstrom (Founder, Chairman and Deputy Director)

Roland Kasper (President and CEO)

Founded

1974

Headquarters location

Skinnskatteberg, Sweden

capital city

3,853.5 million Swedish kronor

Business Overview

Residential and commercial ventilation systems, commercial air conditioning, etc.

Business overview of the companies to be acquired

Systemair AC SAS

Name of the company

Systemair AC SAS

Representative

Martino Herve’

Headquarters location

Route de Verneuil -27570 Tillières-sur-Avre 803 608 777 RCS EVREUX

capital city

2,700,000 euros

Business Overview

Manufacture and sale of air and water-cooled chillers and heat pumps as well as roof air conditioners and other commercial air conditioning systems

Systemair Srl

Name of the company

Systemair Srl

Representative

Martino Herve’

Headquarters location

Barlassina (MB) VIA XXV 29 APRIL CAP 20825

capital city

200,000 euros

Business Overview

Manufacture and sale of air and water-cooled chillers and heat pumps as well as roof air conditioners and other commercial air conditioning systems

Tecnair SpA

Name of the company

Tecnair SpA

Representative

Martino Herve’

Headquarters location

Barlassina (MB) VIA XXV 29 APRIL CAP 20825

capital city

200,000 euros

Business Overview

Manufacture and sale of specialty coolers, including data centers and clean rooms

About Panasonic Corporation

Panasonic Corporation provides products and services for a variety of living environments, from homes to shops to offices and cities. There are five companies at the core of Panasonic Corporation: Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, Electric Works Company, and China and Northeast Asia Company. The operating company reported consolidated net sales of 3,647.6 billion yen for the year ended March 31, 2022. With people-centric technology and innovation, become the best partner of your life. Learn more about Panasonic: https://www.panasonic.com/global/about/

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