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

OSAKA, Japan–(BUSINESS THREAD)–Panasonic Corporation announced today that its Heating & Ventilation A/C Company intends to acquire the commercial air conditioning business of Systemair AB (hereafter referred to as Systemair), a leading global manufacturer in the ventilation and commercial air conditioning business, for ‘ an enterprise value of 100 million euros.

An agreement has been reached to purchase all outstanding shares in Systemair Srl and Tecnair SpA, and in time the business operated by the air conditioning vendors in Systemair GmbH in Frankfurt, Germany. The transfer of sales personnel from Systemair GmbH is subject to HR consultations in Germany.

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

The acquired entities will, after completion of the necessary procedures, be operated as consolidated subsidiaries for the commercial air conditioning business under the Panasonic brand.

In Europe, a key market for Panasonic, there is strong interest in environmental protection and measures to address 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 eco-friendly products, the CFCs used as a refrigerant in air conditioners have an impact on global warming and thus the Kigali Amendment to the Montreal Protocol*2 and Europe’s F-gas regulations*3 requires a shift to refrigerants with a lower greenhouse effect.

In its air conditioning business, Systemair today manufactures water circulating air conditioners that produce hot and chilled water by capturing heat in the ambient air in buildings and factories and circulating it in spaces*4 to control the room temperature, which requires less refrigerant.

By making Systemair’s three air conditioning companies its consolidated subsidiaries, Panasonic will establish new development, production, sales and maintenance structures for its commercial air conditioning business and create higher value solutions in hot water supply and space heating in addition to air conditioning through the resources provided by the to combine two companies owned. Furthermore, Panasonic will respond to broad customer needs by adding environmentally friendly commercial water-circulating air conditioners to its range of air-to-water heat pumps, residential air conditioners, commercial multi-split building air conditioning systems and packaged air. renovators, which are currently available in Europe and thus accelerate ESG (environmental, social and governance) management in Europe.

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The Panasonic Heating & Ventilation A/C Company is a leading company operating in the indoor air quality business involving ventilation fans and air purifiers, and the residential and commercial air conditioning businesses. By combining the competitive knowledge and technologies accumulated through research conducted for more than 100 years, we strive to solve social issues and strive to create healthier and more comfortable lives and society.

Systemair was founded in 1974 and is headquartered in Skinnskatteberg City, Sweden. The company is a leading manufacturer in the ventilation and commercial air conditioning industry.

Panasonic Heating & Ventilation A/C Company President Masaharu Michiura stated that “In 2019, we entered into a business alliance with Systemair to begin sourcing commercial air conditioners. We have expanded the scope of cooperation, such as through our residential air-to- selling water. heat pumps in combination with Systemair’s total heat exchangers. By combining Systemair’s commercial air conditioning technologies and our inverter and energy saving technologies, we will accelerate to provide high value added solutions required by our customers. We are very pleased that we can contribute to our customers by signing a long-term supply agreement with Systemair and further deepen our partnership.”

Roland Kasper, President and CEO of Systemair, said “Over the years we have partnered with Panasonic in the commercial air conditioning business and have mutually developed a deep understanding of our partner’s corporate culture and strengths and forged a good relationship. We made the decision taken to sell the air conditioner business in Italy and Germany, and intend to sell the air conditioner business in France, because we are confident that focusing on our core business, ventilation, will strengthen our offer to our customers and is in line with our strategy. Systemair strive to be the best partner for our customers by continuing to provide the best ventilation products, heat pumps and integrated heat pump solutions in our ventilation systems.We are very happy to continue to support our current and future customers on an ongoing basis basis by signing a long-term agreement with Panasonic for the supply of commercial air conditioners and un s partners to further strengthen hip.”

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*1. Commercial chillers, heat pump air conditioners, fan coil units, etc.

*2. Environmental treaty designed to protect the ozone layer. The target for reducing the consumption and production of ozone-depleting substances and the reduction timeline have been set out.

*3. This regulation entered into force in Europe on 4 July 2006. It regulates fluorinated gases, including hydrofluorocarbon (HFC), perfluorocarbon (PFC), and sulfur hexafluoride (SF6), which are specified in the Kyoto Protocol.

*4. Since the water circulation system uses water to control the room temperature, compared to the refrigerant circulation system, it can reduce the amount of refrigerant required (refer to the next page).

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Systemair overview

Company name

Systemair AB

Representative

Gerald Engström (founder, chairman of the board and representative director)

Roland Kasper (President and CEO)

Established

1974

Headquarters location

Skinnskatteberg, Sweden

Capital

3,853.5 million Swedish kroner

Business overview

Residential and commercial ventilation systems, commercial air conditioners, etc.

Business overview of the companies to be acquired

Systemair AC SAS

Company name

Systemair AC SAS

Representative

Martino Herve’

Headquarters location

Route de Verneuil -27570 Tillières-sur-Avre 803 608 777 RCS EVREUX

Capital

2,700,000 euros

Business overview

Manufacture and sales of air-cooled and water-cooled chillers and heat pumps, and rooftop and other commercial air conditioners

Systemair Srl

Company name

Systemair Srl

Representative

Martino Herve’

Headquarters location

Barlassina(MB) VIA XXV 29 APRIL CAP 20825

Capital

200,000 euros

Business overview

Manufacture and sales of air-cooled and water-cooled chillers and heat pumps, and rooftop and other commercial air conditioners

Tecnair SpA

Company name

Tecnair SpA

Representative

Martino Herve’

Headquarters location

Barlassina(MB) VIA XXV 29 APRIL CAP 20825

Capital

200,000 euros

Business overview

Manufacture and sales of special purpose chillers, including data centers and clean rooms

About Panasonic Corporation

Panasonic Corporation offers products and services for a variety of living environments, ranging from homes to shops to offices and cities. There are five businesses at the core of 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 net sales of ¥3,647.6 billion for the year ended March 31, 2022. Panasonic Corporation is committed to fulfilling the mission of Life Tech & Ideas: For the well-being of people, society and the planet, and embrace the vision of becoming the best partner of your life with human-centered technology and innovation. Learn more about Panasonic: https://www.panasonic.com/global/about/

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