Systemair acquires Russian ventilation supplier
Systemair (NASDAQ OMX Stockholm: SYSR) have reached agreement to acquire the Russian ventilation supplier Ventrade.
Ventrade markets products for ventilation and air conditioning and is since many years one of Systemair's biggest customers in Russia. The company is headquartered in Moscow and has sales offices and warehouses in 11 cities. In 2010, the company had sales of approximately to SEK 290 million and currently has 200 employees. Access is expected to take place in late June and approval by the Russian competition authority has been obtained.
-"This acquisition gives us great opportunities to increase the proportion of Systemair products and we get a good coverage throughout Russia that gives us great growth potential," says Gerald Engström, CEO of Systemair.
- "The combination between ventilation and air conditioning provides expanded opportunities for larger air handling units. We also see good synergies with our production site in Lithuania where we currently are expanding our production capacity", says Gerald Engström.
For further information, please contact:
Gerald Engström, CEO, +46 222 440 01, +46 70 519 00 01
Svein Nilsen, Marketing Director, +47 930 627 00
Fredrik Andersson, Regional Director Russia & CIS, + 7 906 766 9922
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 09.30 am on 7 June 2011.
Systemair in brief
Systemair is a leading ventilation company with operations in 40 countries in Europe, North- and South America, the Middle East, Asia, Africa and Australia. The Company had sales of SEK 3.2 billion in financial 2009/10 and currently employs about 2,500 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.