Systemair completes the acquisition of Climaproduct
februari 1, 2008, 08:07
Systemair completes the acquisition of ClimaproductSystemair has completed the acquisition of the Italian ventilation companyClimaproduct in accordance with the earlier intentional agreement from August2007. Climaproduct has an annual turnover of EUR 10,7 million (100 MSEK) with anoperating profit of EUR 1,1 million (10 MSEK). Climaproduct have been in business for 20 years and they have a total of 40employees. The head office is situated in Milan with a smaller production unitin Padova. The company which since 1992 has been a distributor for Systemair isalso supplying ventilation products from other producers than Systemair.- Today our products only constitute a minor part of Climaproduct´s sales. Theacquisition is a part of our European venture and gives us a platform in Italy.We see great opportunities for increased sales of the complete Systemair productrange, says Gerald Engström, CEO for Systemair.Systemair will take over the Company as of January 1 this year and the Companyname will be changed to Systemair Climaproduct.For further information, contactGerald Engström, CEO, +46 222 440 01 or +46 70 519 00 01Glen Nilsson, CFO, +46 222 44003 or +46 706544003Systemair in briefSystemair is a leading ventilation company with its main activities in Europeand in North America. The company turned over 280 MEUR during the financial year2006/2007 and has approx. 1700 employees. Systemair has a well establishedpresence in growth markets, especially in Central and Eastern Europe includingRussia. The Group´s products are sold under the brand names Systemair, Frico,VEAB and Fantech. Since the formation of Systemair in 1974 the company hasincreased its sales every year, always producing positive results. During thelast ten years the company has achieved an average annual growth of 16 percent.The company was listed in the OMX Nordic Exchange in Stockholm in October 2007.