Systemair invests further in Asia
April 16, 2008, 15:20
Systemair invests further in AsiaSystemair has acquired Megcool Industries i Kuala Lumpur with 1st of May as dayof taking possession. Megcool has an annual turnover of SEK 20 million with anoperating profit of SEK 3 million.The company manufactures and market products for tunnel- and garage ventilation.The former owners, with 30 years of experience from the fan industry, will stayactive in the company.- This acquisition will give us a competitive production unit within the regionand a base for the Groups continued concentration in Asia. We see goodconditions for increased sales of Systemair's whole product assortment. Theestablishment in Malaysia will also be a logistic centre for furtherdistribution in the region, says Gerald Engström, CEO for Systemair.In connection with the acquisition, the company will change the name toSystemair.For more information, please contactGerald Engström, CEO, +46 222 44001, mobile +46 70 519 00 01, Glen Nilsson, CFO, +46 222 44003, mobile +46 70 654 40 03, Mats Lund, vice president production, +46 70 516 12 99Systemair in briefSystemair is a leading ventilation company, with activities in 37 countries inEurope, North America, Asia, the Middle East, South Africa and Australia. TheCompany had sales of just over SEK 2.7 billion in the preceding financial yearand more than 1,800 employees. Since its foundation in 1974, Systemair hassteadily increased its annual sales while simultaneously returning positiveoperating profits. Over the past decade, the company has averaged 16 percentannual growth in sales. The Group comprises around 60 companies. Systemair haswell-established operations in a number of growth markets - notably those ofCentral and Eastern Europe, including Russia. The Group's products are marketedunder the brands Systemair, Frico, VEAB and Fantech. Systemair shares have beentraded on the Mid Cap List of the OMX Nordic Exchange in Stockholm since October2007.