Panasonic to Purchase All Shares of the Air-Conditioning Business*1 of Systemair AB of Sweden

OSAKA, Japan —-(BUSINESS WIRE)–Panasonic Corporation announced today that its Heating & Ventilation A/C Company intends to acquire the commercial air conditioning business of Systemair AB (hereinafter Systemair), the world’s leading manufacturer in the commercial ventilation and air conditioning business. with an enterprise value of 100 million euros.

An agreement has been reached to purchase all outstanding shares of Systemair Srl and Tecnair SpA and, over time, the business carried out by the air conditioning sales staff at Systemair GmbH in Frankfurt, Germany. The transfer of sales staff from Systemair GmbH is subject to personnel consultation in Germany.

In addition, Panasonic has proposed to purchase all outstanding shares of Systemair AC SAS from Systemair and expects Systemair to accept the offer following personnel consultations in France.

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

In Europe, a key market for Panasonic, there is a strong focus on environmental protection and climate change mitigation measures, and efforts are underway to transition to a carbon-free society. In addition to the growing demand for energy-efficient and other environmentally friendly products, CFCs used as refrigerants in air conditioners contribute to global warming and thus the Kigali Amendment to the Montreal Protocol.*2 and F-gas Regulations in Europe*3 require a transition to refrigerants with a lower greenhouse effect.

In its air conditioning business, Systemair today manufactures circulating water conditioners that produce hot and cold water by collecting heat in the ambient air in buildings and businesses and circulating it in spaces.*4 to control the room temperature, which requires less refrigeration.

By converting the three Systemair air-conditioning companies into its consolidated subsidiaries, Panasonic will establish new development, production, sales and service structures for its commercial air-conditioning business, in addition to creating value-added solutions in hot water supply and space heating. air conditioning by combining the resources of the two companies. In addition, Panasonic will respond to a wide range of customer needs by adding environmentally friendly commercial water conditioners to the range of air-to-water heat pumps, residential air conditioners, multi-purpose air conditioning systems for buildings and packaged air. air conditioners that are now available in Europe, thus accelerating ESG (Environmental, Social and Governance) management in Europe.

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Panasonic Heating & Ventilation A/C Company is a leading company in the indoor air quality business, involving ventilation fans and air purifiers, as well as residential and commercial air conditioning businesses. By combining knowledge and competitive technologies gathered over more than 100 years of research, we strive to solve social problems and aim to create a healthier and more comfortable life and society.

Systemair was founded in 1974 and is headquartered in Skinskatteberg, Sweden. The company is a leading manufacturer in the ventilation and air conditioning business.

President Masaharu Michiura of Panasonic Heating & Ventilation A/C stated, “We entered into a business alliance with Systemair in 2019 to begin purchasing commercial air conditioners. We have expanded the scope of cooperation, such as selling air-to-water heat pumps. together with Systemair common heaters. By combining Systemair’s commercial air conditioning technologies with our inverter and energy-saving technologies, we accelerate to provide additional solutions that our customers require. We are very happy to be able to sign a long-term supply agreement with Systemair and further strengthen our partnership to contribute to our customers.”

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

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*1. Commercial Chillers, Heat Pump Air Conditioners, Fan Units and more.

*2. The environmental treaty is designed to protect the ozone layer. The task of reducing the consumption and production of ozone-depleting substances and the period of its reduction have been determined.

*3. This provision entered into force in Europe on July 4, 2006. It regulates fluorinated gases, including hydrofluorocarbons (HFCs), perfluorocarbons (PFCs) and sulfur hexafluoride (SF6), which are listed in the Kyoto Protocol.

*4. Because a water recirculation system uses water to control room temperature, it can reduce the amount of refrigerant needed (see next page) compared to a refrigerant recirculation system.

[Reference]

Systemair review

Company Name

Systemair AB

Representative

Gerald Engström (Founder, Chairman of the Board and Representative Director)

Roland Casper (President and CEO)

has been established

1974

Location of headquarters

Skinskatteberg, Sweden

Capital

3853.5 million Swedish kroner

Business overview

Residential and commercial ventilation systems, commercial air conditioners and more.

Business overview of companies to be acquired

Systemair AC SAS

Company Name

Systemair AC SAS

Representative

Martino Herve

Location of headquarters

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

Capital

2,700,000 euros

Business overview

Manufacture and sale of air-cooled and water-cooled chillers and heat pumps, rooftop and other commercial air conditioners

Systemair Srl

Company Name

Systemair Srl

Representative

Martino Herve

Location of headquarters

Barlassina (MB) VIA XXV APRIL 29, 20825

Capital

200,000 euros

Business overview

Manufacture and sale of air-cooled and water-cooled chillers and heat pumps, rooftop and other commercial air conditioners

Tecnair SpA

Company Name

Tecnair SpA

Representative

Martino Herve

Location of headquarters

Barlassina (MB) VIA XXV APRIL 29, 20825

Capital

200,000 euros

Business overview

Manufacture and sale of chillers for special purposes, 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. Panasonic Corporation consists of five companies: Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, Electric Works Company and China and North East Asia. The operating company reported consolidated net sales of ¥3,647.6 billion for the year ended March 31, 2022. Panasonic Corporation is committed to the mission of Life Tech & Ideas: For the betterment of people, society and the planet, and the vision of becoming the best partner in your life with human-centered technology and innovation. More information about Panasonic: https://www.panasonic.com/global/about/

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