Systemair AB : Strategic acquisition in India
Systemair (NASDAQ OMX: SYSR) have reached agreement to acquire IAPL, International Airconditioning Products Pvt. Limited, India which is a part of Suvidha Group.
IAPL manufactures air handling units for the Indian market and has a turnover of approximately SEK 55 million and 120 employees. The company is based in Greater Noida outside New Delhi, and has sales offices in further 5 cities in India. Access is planned for 1 November 2011.
IAPL owns an industrial property covering 23,000 m2 land area of the Greater Noida Ecotech Park. Systemair intends to coordinate the production of their Indian operations and build a R&D Center in this property. Total purchase price amounted to SEK 63 million including the industrial property.
-"This is a strategic acquisition and an important piece of the puzzle for our continued expansion on the Indian market. Local production of air handling units gives us access to more and larger construction projects", says Systemair CEO Gerald Engström.
-"The acquisition will also give us increased sales of other Systemair products on the Indian market from the recently acquired Ravistar, which manufactures air distribution products, and our current production of fans in India. Our ambition is to become one of the leading suppliers of ventilation products in India within the next few years ", says Gerald Engström
For further information, please contact:
Gerald Engström, CEO, + 46 222 44 001, + 46 70 519 00 01
Mats Lund, Vice President Production, + 91 88 00 53 82 82
Systemair AB, SE-739 30 Skinnskatteberg, Sweden, +46 222 440 00, www.systemair.com
Note: The information in this press release is information that Systemair AB is required to disclose in accordance with the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. Swedish and English versions of this information have been submitted for publication at 09.00 am on 17 October 2011.
Systemair in brief
Systemair is a leading ventilation company with operations in 41 countries in Europe, North- and South America, the Middle East, Asia, Africa and Australia. The Company had sales of SEK 3.47 billion in financial 2010/11 and currently employs about 2,800 people. Systemair has reported an operating profit every year since 1974, when the Company was founded. During the past 15 years, the Company's growth rate has averaged about 15 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 OMX Nordic Exchange in Stockholm since October 2007. The Group comprises about 60 companies.