Panasonic will acquire all shares in the air conditioning*1 business of Systemair AB of Sweden

OSAKA, Japan–(COMMERCIAL THREAD)–Panasonic Corporation today announced that its A/C heating and ventilation company intends to acquire the commercial air conditioning business from Systemair AB (hereinafter referred to as Systemair), a leading global manufacturer of commercial air conditioning and ventilation, at an enterprise value of 100 million euros.

An agreement has been reached to purchase all outstanding shares of Systemair Srl, and Tecnair SpA, and, in due course, the air conditioning sales employee business in Systemair GmbH in Frankfurt, Germany. The transfer of sales employees from Systemair GmbH is subject to HR consultations in Germany.

In addition, Panasonic has offered to acquire all outstanding shares of Systemair AC SAS from Systemair and expects Systemair to accept the offer after consulting human resources in France.

The acquired entities, after completing the necessary procedures, will be managed as consolidated subsidiaries for the commercial air conditioning business under the Panasonic brand.

In Europe, a key market for Panasonic, there is strong interest in environmental protection and measures to tackle climate change, and efforts are being made to transition to a carbon-free society. In addition to the growing demand for energy efficient and other green products, CFCs used as a refrigerant in air conditioners have an impact on global warming and thus the Kigali amendment to the Montreal Protocol*2 and European F-gas regulations*3 require switching to lower greenhouse gas refrigerants.

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

By transforming Systemair’s three air conditioning companies into its consolidated subsidiaries, Panasonic will establish new development, production, sales and maintenance facilities for its commercial air conditioning business and create high value-added solutions for hot water supply and space heating as well as air conditioning by combining the resources owned by the two companies. In addition, Panasonic will respond to the multiple needs of customers by adding environmentally friendly commercial water circulating air conditioners to its range of air to water heat pumps, residential air conditioners, multi- split for buildings and packaged air conditioning systems. conditioners, which are currently available in Europe and thus accelerate ESG (environmental, social and governmental) management in Europe.

Panasonic Heating & Ventilation A/C Company is a leading company operating in the indoor air quality sector including fans and air purifiers as well as in the residential and commercial air conditioning sector. By combining knowledge and competitive technologies accumulated through research conducted for more than 100 years, we strive to solve social problems and aim to create healthier and more comfortable lives and societies.

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

Panasonic Heating & Ventilation A/C Company President Masaharu Michiura said, “We entered into a commercial alliance with Systemair in 2019 to start sourcing commercial air conditioners. By combining Systemair’s commercial air conditioning technologies and our inverter and energy saving technologies, we will accelerate to deliver the high value-added solutions demanded by our customers.We are very happy that we will be able to contribute to our customers by signing a supply agreement at long term relationship with Systemair and further deepening our partnership.”

Roland Kasper, President and CEO of Systemair, said, “We have worked closely with Panasonic over the years in the commercial air conditioning industry and have mutually developed a deep understanding of our partner’s corporate culture and strengths, and have built a good relationship.” We have made the decision to sell the air conditioning business in Italy and Germany and intend to sell the air conditioning business in France, as we are confident that focusing on our core business, ventilation, will strengthen our offering to our customers and is in line with our strategy.strives to be the best partner for our customers by continuing to provide the best ventilation products, heat pumps and heat pump integrated solutions in our ventilation systems.We are very pleased to be able to continue to support our current and future customers on an ongoing basis by signing an agreement long-term partnership with Panasonic for the supply of commercial air conditioners and further strengthening our hip partners.”

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

*2. Environmental treaty to protect the ozone layer. The objective to reduce the consumption and production of substances that deplete the ozone layer and the timetable for reduction have been defined.

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

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

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Overview of Systemair

Company Name

Systemair AB

Representative

Gerald Engström (founder, chairman of the board and representative director)

Roland Kasper (President and CEO)

Founded

1974

Headquarters location

Skinnskatteberg, Sweden

Capital

3,853.5 million SEK

Overview of business activities

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

Overview of business activities

Production and sales of air-cooled and water-cooled chillers and heat pumps, rooftop air conditioners and other commercial air conditioners

SystemAir Srl

Company Name

SystemAir Srl

Representative

Martino Herve

Headquarters location

Barlassina (MB) VIA XXV APRILE 29 CAP 20825

Capital

200,000 euros

Overview of business activities

Production and sales of air-cooled and water-cooled chillers and heat pumps, rooftop air conditioners and other commercial air conditioners

Tecnair SpA

Company Name

Tecnair SpA

Representative

Martino Herve

Headquarters location

Barlassina (MB) VIA XXV APRILE 29 CAP 20825

Capital

200,000 euros

Overview of business activities

Production and sale of specialty chillers, including data centers and cleanrooms

About Panasonic Corporation

Panasonic Corporation offers products and services for a variety of living environments, from homes to shops, 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 had consolidated net sales of 3,647.6 billion yen for the year ended March 31, 2022. Panasonic Corporation is committed to fulfilling the mission of Life Tech & Ideas: For the well-being of people, society and the planet and embrace the vision of becoming the best partner in your life with human-centered technology and innovation. Learn more about Panasonic: https://www.panasonic.com/global/about/

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