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 and 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 Systemair Srl, and Tecnair SpA, and the business operated by the air-conditioning sales staff at Systemair GmbH in Frankfurt, Germany. The transfer of sales personnel from Systemair GmbH is the subject of HR Consulting in Germany.

Furthermore, Panasonic has proposed to acquire all outstanding shares in Systemair AC SAS from Systemair and expects Systemair to accept the offer after HR consultation in France.

After the acquired entities complete the necessary processes, the commercial air conditioning business under the Panasonic brand will be operated as consolidated subsidiaries.

In Europe, a key market for Panasonic, there is strong interest in environmental protection and measures to address climate change, and efforts are underway to transition to a carbon-free society. In addition to the growing demand for energy-efficient and other eco-friendly products, CFCs used as refrigerants in air conditioners have an impact on global warming and hence the Kigali Amendment to the Montreal Protocol.*2 and Europe’s F-gas regulations*3 A shift to refrigerants with low greenhouse effect is needed.

In its air conditioning business, Systemair today produces water circulation air conditioners that collect heat in the ambient air in buildings and factories to produce hot and cold water and circulate it to spaces.*4 To control room temperature, which requires less refrigeration.

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 high-value-added solutions in hot-water supply and space heating. Air conditioning by combining the resources owned by the two companies. Furthermore, Panasonic will respond to broader customer needs by adding environmentally-friendly commercial water circulation 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 therefore accelerate ESG (Environmental, Social and Governmental) management in Europe.

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Panasonic Heating and Ventilation A/C Company is a leading company operating in the indoor air-quality business, including ventilation fans and air purifiers, and residential and commercial air conditioning businesses. By combining competitive knowledge and technologies accumulated through 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 the city of Skinskateberg, Sweden. The company is a leading manufacturer in the ventilation and commercial air conditioning business.

Masaharu Michura, president of Panasonic Heating & Ventilation A/C Company, said, “We completed a business alliance with Systemair in 2019 to purchase commercial air conditioners. We have expanded the scope of the collaboration by selling our residential air-to-water. Systemair’s total Heat pumps in combination with heat exchangers. By combining Systemair’s commercial air conditioning technologies and our inverter and energy saving technologies, we will accelerate to provide our customers with the high value added solutions they need. We are very happy. Long term supply with Systemair We are able to contribute to our customers by signing the agreement and deepening our partnership.”

Roland Kasper, President and CEO of Systemair, said, “We have cooperated with Panasonic in the commercial air conditioning business for years and have developed a deep understanding of our partner’s corporate culture and strengths and established a good relationship. We have made this decision. In Italy and Germany Sell ​​the air conditioner business, and want to sell the air conditioner business in France, because we are convinced that focusing on our core business, ventilation, will strengthen our offer to our customers and is in line with our strategy. Systemair. Best-class ventilation products in our ventilation systems, heat pumps, and strives to be the best partner for our customers by continuing to provide integrated heat pump solutions. We are very happy to be able to continue to support our current and future customers. Supply of commercial air conditioners and in a long-term agreement with Panasonic to further strengthen our partners Continuously hip by signing .”

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

*2. An environmental treaty designed to protect the ozone layer. Targets and deadlines for reducing the consumption and production of ozone-depleting substances have been set.

*3. The rule went into effect in Europe on July 4, 2006. It regulates fluorinated gases, including hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), and sulfur hexafluoride (SF6), which are specified in the Kyoto Protocol.

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

[Reference]

SystemAir Overview

Company name

Systemair AB

Representative

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

Roland Casper (President and CEO)

established

Year 1974

Headquarters location

Skinskateberg, Sweden

Capital

3,853.5 million Swedish kroner

Business overview

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

Business overview of companies to be acquired

Systemair AC SAS

Company name

Systemair AC SAS

Representative

Martino Herve’

Headquarters location

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, and rooftop and other commercial air conditioners

Systemair Srl

Company name

Systemair Srl

Representative

Martino Herve’

Headquarters location

Barlassina(MB) VIA XXV April 29 Cap 20825

Capital

200,000 euros

Business overview

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

Tecnair SpA

Company name

Tecnair SpA

Representative

Martino Herve’

Headquarters location

Barlassina(MB) VIA XXV April 29 Cap 20825

Capital

200,000 euros

Business overview

Manufacture and sale of special purpose chillers 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 and offices and cities. Panasonic Corporation has five businesses at its core: Living Appliances and Solutions Company, Heating and 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. Panasonic Corporation Life Tech & Ideas: Committed to achieving goals for the well-being of people, society and the planet. Become the best partner of your life with human-centered technology and innovation. Learn more about Panasonic: https://www.panasonic.com/global/about/

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