Systemair AB (NASDAQ OMX Stockholm: SYSR) acquired 70 percent of the shares of the Turkish company HSK in August 2012. HSK is Turkey's leading manufacturer of air handling units and turnover for 2012 estimated around EUR 22 million. Systemair acquired a further 20 percent of the shares in HSK on December 21.
'We are pleased for the opportunity to increase our ownership and that the founding family will remain with 10 percent ownership in order to maintain continuity and to participate in the continued expansion' says Gerald Engström, Systemair's President and CEO.
The business has changed its name to Systemair-HSK and a merger with Systemair's previous sales company in Turkey has begun.
For further information contact:
Gerald Engström, CEO, + 46 222 44 001, + 46 70 519 00 01
Glen Nilsson, CFO, + 46 222 44003, + 46 70 654 40 03
Systemair AB, 739 30 Skinnskatteberg, Sweden, +46 222 440 00, www.systemair.com
Systemair in brief
Systemair is a leading ventilation company with operations in 44 countries in Europe, North- and South America, the Middle East, Asia and South Africa. The Company had sales of SEK 4 billion in financial 2011/12 and currently employs about 3,400 people. Systemair has reported an operating profit every year since 1974, when the Company was founded. During the past 15 years, the Company's growth rate has averaged about 15 percent.
Systemair has well-established operations in growth markets. The Group's products are marketed under the Systemair, Frico, VEAB and Fantech brands. Systemair shares have been quoted on the Mid Cap List of the OMX Nordic Exchange in Stockholm since October 2007. The Group comprises about 60 companies.
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Systemair AB via Thomson Reuters ONE HUG#1667366