Panasonic to Purchase All Shares of the Air-Conditioning Business*1 of Systemair AB of Sweden

OSAKA, Japan–(GOOD BUSINESS) –Panasonic Corporation today announced that its Heating & Air Conditioning Company intends to acquire the air conditioning business. business from Systemair AB (hereinafter referred to as Systemair), a worldwide leader in the aviation and commercial industry, in a business value of 100 million Euros.

An agreement has been reached to buy all the shares outstanding in Systemair Srl, and Tecnair SpA, and later, the business was run by the airline’s employees. at Systemair GmbH in Frankfurt, Germany. The transfer of sales personnel from Systemair GmbH is subject to HR consultation in Germany.

In addition, Panasonic has offered to acquire all outstanding shares in Systemair AC SAS from Systemair and expects Systemair to accept the offer after HR negotiations in France.

The purchasing entities will, after the necessary operations, operate as subsidiaries for the commercial airline business under the brand Panasonic.

In Europe, a key market for Panasonic, there is a strong interest in environmental protection and measures to combat climate change, and efforts are being made for the transition to a carbon-free society. . In addition to the growing demand for energy-efficient and other environmentally friendly products, the CFC used as a refrigerant in air conditioners has an impact on global warming and the which is the Kigali Amendment to Montreal Protocol.^*2 and the European F-gas Regulation^*3 need a switch to low greenhouse effect refrigeration.

In its air conditioning business, Systemair today produces water circulating air conditioners that provide hot and cold water by collecting the heat in the air in buildings and shops and circulating it in the spaces.^*4 to control the temperature of the room, which requires less refrigeration.

By becoming Systemair’s three air-conditioning companies and its subsidiaries, Panasonic will establish new development, manufacturing, sales, and maintenance structures for its commercial air-conditioning business and create high-quality complementary solutions to the hot water supply and space heating in addition to. air conditioning by combining the resources held by the two companies. In addition, Panasonic will respond to the many needs of customers by adding environmentally friendly commercial water circulation air conditioners to its line of air-to-water heat pumps, comfortable residential , commercial air conditioning systems for buildings, and packaged air. conditioners, which are now available in Europe and accelerate ESG management (environmental, social and governance) in Europe.

Panasonic Heating & Ventilation A/C Company is a leading company operating in the home improvement business including air conditioners and air purifiers, and fixed and commercial businesses. By combining commercial knowledge and technology accumulated through research conducted for more than 100 years, we try to solve social problems and hope to create healthier and more comfortable societies.

Systemair was founded in 1974 and is headquartered in Skinnskatteberg City, Sweden. The company is a leading manufacturer in the beauty and retail industry.

President Masaharu Michiura of Panasonic Heating & Ventilation A/C Company said that “We concluded a joint venture with Systemair in 2019 to begin the sale of commercial air conditioning. heat pumps with total Systemair heaters By combining Systemair’s commercial air conditioning technology with our conversion and conservation technology, we will We are very excited to be able to contribute to our customers by signing a long-term partnership agreement with Systemair and further expand our partnership.”

Roland Kasper, President and CEO of Systemair, said “We have worked with Panasonic for many years in the commercial media industry and developed a deep understanding of our partner’s culture and strengths and built a good relationship. we made the decision to sell the air conditioner business in Italy and Germany, and hope to sell the hard drive business in France, because we are sure that the focus on our core business, air, will strengthen our offer to our customers and is consistent with our strategy. try to be the best partner for our customers by in continuing to provide best-in-class materials, heat pumps, and heat pump installation solutions in our cooling systems on an ongoing basis by signing a long-term agreement and Panasonic for providing commercial coverage and further empowering our hip partners.”

*1. Commercial air conditioning, heat pump air conditioning, fan cooling units, etc.

*2. Environmental treaties are designed to protect the ozone layer. The goal is to reduce the consumption and production of ozone depleting substances and to reduce the installation time.

*3. This regulation came into effect in Europe on July 4, 2006. It controls fluorinated gases, including hydrofluorocarbon (HFC), perfluorocarbon (PFC), and sulfur hexafluoride (SF6), which was approved in the Kyoto Protocol.

*4. Since the water system uses water to control the temperature of the room, compared to air conditioning, the amount of equipment needed can be reduced (see next page) .

[Reference]

■ Systemair summary

Business information of the company will be available

■ Systemair AC SAS

■ Systemair Srl

■ Tecnair SpA

About Panasonic Corporation

Panasonic Corporation offers products and services for many living environments, from homes to shops to offices and cities. There are five businesses within Panasonic Corporation: Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, Electric Works Company and China and Northeast Asia Company. The operating company reported consolidated sales of 3,647.6 billion yen for the year ending March 31, 2022. Panasonic Corporation is committed to achieving Living the mission of Life Tech & Ideas: For the benefit of people, society and the planet, and embrace the vision of being the best partner of your life with special technology and innovation. Learn more about Panasonic: https://www.panasonic.com/global/about/

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