Panasonic to Expand European Hydronic Systems Business through Acquisition of Systemair AC Business

Panasonic Heating & Ventilation A/ C Company has been focusing on business in Europe, which is positioned as its key market, since its split‑up in April 2022, along with Panasonic’s transition to a new structure under a holding company system. On November 17, 2022, it was announced that Panasonic Heating & Ventilation A/C Company intends to acquire the air conditioning business of Systemair AB, a Sweden‑based leading manufacturer in the ventilation and commercial air conditioning business, at an enterprise value of €100 million (about US$ 105 million), showing the company’s determination to accelerate business expansion by strengthening value provision in the European market for hydronic systems such as chillers as well as heating and hot water supply systems.