Systemair - acquisition in North America
October 12, 2009, 10:45
The ventilation company Systemair has acquired the Dehumidification Division from the Canadian company W.C. Woods. The division, with an annual sales of 5 million dollars, will be moved to Systemair's subsidiary in Canada. The products will continue to be sold under the Wood's brand in Europe and under the Fantech brand name in US and Canada.
- The dehumidification products are a kindred product area that suits our production well. It is focused on the commercial market and will be a good complement for our distribution network in North America, says Gerald Engström, CEO Systemair.
For further information, please contact:
Gerald Engström, CEO, +46 222-440 01, mobile +46 705 19 0 0 01
Glen Nilsson, CFO, +46 222-44003, mobile +46 706 544 003
Systemair AB, SE 739 30 Skinnskatteberg , Sweden , Phone + 46 222 440 00 , www.systemair.com
Systemair in brief
Systemair is a leading ventilation company with operations in 38 countries in Europe, North America, the Middle East, Asia, Africa and Australia. The Company had sales of more than SEK 3.3 billion in the 2008/09 financial year and currently employs about 1,960 people. Since it was founded in 1974, the Company has increased sales every year and at the same time reported an operating profit. During the past three years, the Company's growth rate has averaged roughly 13 percent. Systemair has well-established operations in growth markets. The Group's products are marketed under the Systemair, Frico, VEAB and Fantech brands. Systemair shares have been quoted on the Mid Cap List of the Nasdaq OMX Nordic Exchange in Stockholm since October 2007.