OSAKA, Japan, November 17, 2022--(BUSINESS WIRE)--Panasonic Corporation today announced that its Heating & 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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221116005843/en/
Heat Pump Chiller (SYSAQUA BLUE R290) made by Systemair (Graphic: Business Wire)
An agreement has been reached to purchase all outstanding shares in Systemair S.r.l, and Tecnair S.p.A, and in due course the business conducted by the air-conditioning sales employees in Systemair GmbH in Frankfurt, Germany. The transfer of sales employees from Systemair GmbH is subject to HR consultations in Germany.
Furthermore, Panasonic has offered to acquire all outstanding shares in Systemair AC SAS from Systemair and expect Systemair to accept the offer following HR consultations in France.
The acquired entities will, after completing necessary procedures, be operated 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 address climate change, and efforts are being made for the transition to a carbon-free society. In addition to the growing demand for energy-efficient and other eco-friendly products, the CFCs used as a refrigerant in air conditioners have an impact on global warming and therefore the Kigali Amendment to the Montreal Protocol*2 and Europe's F-gas Regulations*3 require a shift to refrigerants with lower greenhouse effect.
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 circulate it in spaces*4 to control the room temperature, which requires less refrigerant.
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 higher-value added solutions in hot-water supply and space heating in addition to air-conditioning by combining the resources owned by the two companies. Furthermore, Panasonic will respond to wide-ranging customer needs by adding environment-friendly commercial water circulating 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 thereby accelerate ESG (environmental, social and government) management in Europe.
The Panasonic Heating & Ventilation A/C Company is a leading company operating in the indoor air-quality business involving ventilation fans and air purifiers, and the residential and commercial air-conditioning businesses. By combining the competitive knowledge and technologies accumulated through research conducted for over 100 years, we strive to resolve social issues and aim to create healthier and more comfortable lives and society.
Systemair was founded in 1974 and is headquartered in Skinnskatteberg City, Sweden. The company is a leading manufacturer in the ventilation and commercial air-conditioning business.
President Masaharu Michiura of the Panasonic Heating & Ventilation A/C Company stated that "We concluded a business alliance with Systemair in 2019 to start procuring commercial air conditioners. We have expanded the scope of collaboration such as by selling our residential air-to-water heat pumps in combination with Systemair's total heat exchangers. By combining Systemair's commercial air-conditioning technologies and our inverter and energy-saving technologies, we will accelerate to provide high-value added solutions required by our customers. We are very happy that we will be able to contribute to our customers by signing a long-term supply agreement with Systemair and further deepening our partnership."
Roland Kasper, President and CEO of Systemair, stated "We have cooperated with Panasonic over the years in the commercial air-conditioning business and mutually developed a deep understanding of our partner's corporate culture and strengths and forged a good relationship. We made the decision to sell the air conditioner business in Italy and Germany, and intend to sell the air conditioner business in France, because we are confident that focusing on our core business, ventilation, will strengthen our offering to our customers and is in line with our strategy. Systemair strives to be the best partner for our customers by continuing to provide 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 on an ongoing basis by signing a long-term agreement with Panasonic for the supply of commercial air conditioners and further strengthening our partnership."
*1. Commercial chillers, heat pump air conditioners, fan coil units, etc.
*2. Environmental treaty designed to protect the ozone layer. The target for reducing the consumption and production of ozone depleting substances and the reduction timeline has been laid out.
*3. This regulation came into effect in Europe on July 4, 2006. It regulates fluorinated gases, including hydrofluorocarbon (HFC), perfluorocarbon (PFC), and sulfur hexafluoride (SF6), which were specified in the Kyoto Protocol.
*4. Since the water circulating system uses water to control the room temperature, compared to the refrigerant circulating system, it can reduce the amount of required refrigerant (refer to the next page).
Gerald Engström (founder, Chairman of the Board, and Representative Director) Roland Kasper (President and CEO)
Residential and commercial ventilation systems, commercial air conditioners, etc.
Business overview of the companies to be acquired
Route de Verneuil -27570 Tillières-sur-Avre 803 608 777 RCS EVREUX
Manufacturing and sales of air-cooled and water-cooled chillers and heat pumps, and rooftop and other commercial air conditioners
Barlassina(MB) VIA XXV APRILE 29 CAP 20825
Manufacturing and sales of air-cooled and water-cooled chillers and heat pumps, and rooftop and other commercial air conditioners
Barlassina(MB) VIA XXV APRILE 29 CAP 20825
Manufacturing and sales of special purpose chillers, including data centers and clean rooms
About Panasonic Corporation Panasonic Corporation offers products and services for a variety of living environments, ranging from homes to stores to offices and cities. There are five businesses 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. Panasonic Corporation is committed to fulfilling the mission of Life Tech & Ideas: For the wellbeing of people, society and the planet, and embraces the vision of becoming the best partner of your life with human-centric technology and innovation. Learn more about Panasonic: https://www.panasonic.com/global/about/
View source version on businesswire.com: https://www.businesswire.com/news/home/20221116005843/en/
Media contact: Tanya Houston Wildwood PR tanya.houston@wildwoodpr.com tel: +44 (0)7711 617491
Shares of many of America's largest banks are tumbling again on Tuesday after a period of outperformance that saw Goldman Sachs Group GS claw back practically all of its losses year-to-date.
Should investors prepare for a winter full of persistent headwinds? Inflation remains high, rising interest rates are putting a squeeze on capital as well as making consumer credit more expensive, and both the China COVID lockdowns and the Russian war in Ukraine continue to crimp global supply chains. But even though the markets are facing serious headwinds, not every stock is going to react by falling. According to the analysts at Wall Street giant Deutsche Bank, two interesting stocks are like
The first fast-paced company with serious upside is hydrogen fuel-cell solution provider Plug Power (NASDAQ: PLUG). According to analyst Amit Dayal of H.C. Wainwright, Plug Power can reach $78. For those of you keeping score at home, this would work out to a near-quintupling in the company's share price in 2023.
Textron stock soared Tuesday after the defense company won a contract worth up to $80 billion to build a new helicopter for the Army. The Army is turning to Textron (ticker: TXT) subsidiary Bell Helicopter for a new long-range assault helicopter—the Bell V-280 Valor—that will replace the service’s 40-plus-year-old UH-60 Black Hawk. Textron beat a joint bid from Lockheed Martin (LMT) and Boeing (BA).
Don’t get fooled into thinking the stock market’s recent positive action has legs. Morgan Stanley’s Chief U.S. Equity Strategist Mike Wilson thinks it’s time to take profits “before the Bear returns in earnest.” Wilson notes that his team’s tactical targets have been met and thinks the recent run-up has run its course. “Bear market rally runs into our original resistance levels--it's time to fade it,” says Wilson. With the “risk-reward of playing for more upside quite poor at this point,” Wilson
While NIO and Li Auto (LI) hit monthly-record deliveries in November, XPeng (XPEV) sees a sharp fall in deliveries on a yearly basis.
The market rally has erased all the gains from Fed chief Jerome Powell's Nov. 30 speech. Apple and Exxon undercut key levels. Here's what to do now.
The FTX-linked trading firm made a number of unorthodox investments in the months leading up to its stunning collapse.
Shares of Devon Energy (NYSE: DVN) fell 11.4% in November, according to data provided by S&P Global Market Intelligence. The primary factor weighing on the oil stock was its third-quarter report, where the company unveiled a lower total dividend payment. Devon Energy launched the oil industry's first fixed-plus-variable dividend framework in early 2021.
A strong jobs report these days runs counter to the Fed’s wishes. The line of thought is that if the job market is still too hot, the Fed won’t be keen on loosening its tight monetary policy in the ongoing efforts to tame inflation. And this is a scenario the market is keen to avoid after a series of 75 basis-point hikes this year. But J.P. Morgan Asset Management chief strategist David Kelly thinks the latest numbers flatter to deceive and believes the way the data is reported distorts the real
Binance CEO CZ is speaking out against SBF after FTX’s collapse and arguing he had nothing to do with his rival’s downfall.
General Electric, whose spinoff of its health care and energy companies will leave Evendale-based GE Aerospace as the sole company, bought out every single print add in the New York Times for the first time in the newspaper's history.
A broad cross-section of stocks tumbled again on Tuesday as market watchers focused on the Federal Reserve Bank's ongoing battle against inflation. Over the past several days, a couple of strong economic reports have increased concerns about the trajectory of an already overheated economy. With that as a backdrop, shares of Amazon (NASDAQ: AMZN) fell 2%, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) tumbled 2.4%, and Shopify (NYSE: SHOP) had slumped 4% as of 12:19 p.m. ET.
Blackstone Inc said redemptions from its $50 billion non-traded business development company reached its pre-set limit for the first time but investors were still allowed to cash out on their investments. This is the first time redemption requests had reached the pre-set limit of 5% since Blackstone launched the product in January last year. It also comes after Blackstone announced last Thursday that it would curb withdrawals from its $69 billion unlisted real estate income trust (REIT) following a surge in redemption requests.
In this article, we will discuss the 12 best undervalued energy stocks to buy. If you want to explore similar stocks, you can also take a look at 5 Best Undervalued Energy Stocks to Buy. 2022 has been the year for energy stocks. While all sectors of the economy fluctuated, the energy sector remained relatively […]
DEEP DIVE Stocks of companies that raise dividends consistently have outperformed during this year’s bear market. Below is a screen showing which stocks are analysts’ favorites for next year among an expanded list of Dividend Aristocrats.
What are the early trends we should look for to identify a stock that could multiply in value over the long term? One...
In this article, we discuss 12 very high-yield dividend stocks to buy now. You can skip our detailed analysis of high-dividend stocks and their performance, and go directly to read 5 Very High-Yield Dividend Stocks To Buy Now. The soaring inflation and consistent interest rates hike have analysts worried about a full-blown recession in the […]
The EV stock has been stuck in a range in recent weeks. That isn't going to change for a while, but if it does, the risk is skewed to the downside.
When investors are in "risk-off" mode, unprofitable EV companies are often the first to be sold.