Panasonic Completes Acquisition of Air-Conditioning Business^*1 of Systemair AB of Sweden

Osaka, Japan - Panasonic Corporation today announced that at the end of February 2023, its Heating & Ventilation A/C Company completed the acquisition of all of the outstanding shares of Systemair AC SAS, Systemair S.r.l. and Tecnair S.p.A., which operate commercial air-conditioning businesses owned by Systemair AB ("Systemair"), a leading Swedish manufacturer of air quality and air-conditioning equipment.

The acquisition was completed after our decision to acquire all of the shares in Systemair's air-conditioning business, announced on November 17, 2022, was approved by the regulatory authority under the competition law. The purchase price was 100 million euros.

Systemair's air-conditioning division manufactures commercial hydronic systems. This type of air conditioning produces hot and chilled water by capturing heat from the ambient air and circulating it through spaces^*2 to control room temperature, thereby reducing the use of refrigerants.
Systemair has also been a pioneer in developing and marketing products that use R290, a natural refrigerant with an extremely low greenhouse effect.

Panasonic currently markets commercial packaged air conditioners and multi-split air-conditioning systems for buildings in Europe. The acquisition of Systemair's subsidiaries will enable Panasonic to respond to rapidly growing environmental demands and regulations by acquiring the commercial hydronic systems business. The combination of the two companies' resources will lead to stronger development, production, sales and maintenance structures, as well as the development of highly efficient, environmentally friendly products and the creation of new, high value-added systems for hot-water supply and space heating in addition to air-conditioning systems.

*1. Manufacturing and marketing of commercial chillers, heat pump air conditioners, fan coil units, etc.
*2. Since the hydronic systems uses water to control the room temperature, compared to the refrigerant circulating systems, it can reduce the amount of required refrigerant.