Systemair expands into South America
Systemair (NASDAQ OMX: SYSR) is expanding its operations to South America and start a sales company in Santiago, Chile.
We have chosen Chile as the first step in our South American expansion, the climate is similar to the European and even the line voltage is the same. Growth in 2010 has been good and construction projects are up and running again.
-"Chile has relatively high energy prices and we are seeing an increasing demand for energy efficient ventilation products. We estimate that our product range will have good market potential", says CEO Gerald Engström.
For further information, please contact:
Gerald Engström, CEO, +46 222 440 01, +46 70 519 00 01
Glen Nilsson, CFO, +46 222 440 03, +46 70 654 40 03
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 08.30 am on 1 March 2011.
Systemair in brief
Systemair is a leading ventilation company with operations in 40 countries in Europe, North America, 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.