At the end of February 2023, Panasonic Corporation’s Heating & Ventilation A/C Company has completed the acquisition of all of the outstanding shares of Systemair AC SAS, Systemair S.r.l. and Tecnair S.p.A., which operate commercial air-conditioning businesses owned by Systemair AB (Systemair), a leading Swedish manufacturer of air quality and air-conditioning equipment.
The acquisition was completed after their decision to acquire all of the shares in Systemair’s air-conditioning business, announced on November 17, 2022, was approved by the regulatory authority under the competition law. The purchase price was 100 million euros.
Systemair’s air-conditioning division manufactures commercial hydronic systems. This type of air conditioning produces hot and chilled water by capturing heat from the ambient air and circulating it through spaces to control room temperature, thereby reducing the use of refrigerants.
Systemair has also been a pioneer in developing and marketing products that use R290, a natural refrigerant with an extremely low greenhouse effect.
Panasonic currently markets commercial packaged air conditioners and multi-split air-conditioning systems for buildings in Europe. The acquisition of Systemair’s subsidiaries will enable Panasonic to respond to rapidly growing environmental demands and regulations by acquiring the commercial hydronic systems business.