Plumbing. Heating. Conditioning. Energy Efficiency.

Systemair AB: Strategic acquisition in India

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08 November 2011

Systemair (NASDAQ OMX: SYSR) have reached agreement to acquire IAPL, International Airconditioning Products Pvt. Limited, India which is a part of Suvidha Group.

IAPL manufactures air handling units for the Indian market and has a turnover of approximately SEK 55 million and 120 employees. The company is based in Greater Noida outside New Delhi, and has sales offices in further 5 cities in India. Access is planned for 1 November 2011.

IAPL owns an industrial property covering 23,000 m2 land area of the Greater Noida Ecotech Park. Systemair intends to coordinate the production of their Indian operations and build a R&D Center in this property. Total purchase price amounted to SEK 63 million including the industrial property.

"This is a strategic acquisition and an important piece of the puzzle for our continued expansion on the Indian market. Local production of air handling units gives us access to more and larger construction projects", says Systemair CEO Gerald Engström.

"The acquisition will also give us increased sales of other Systemair products on the Indian market from the recently acquired Ravistar, which manufactures air distribution products, and our current production of fans in India. Our ambition is to become one of the leading suppliers of ventilation products in India within the next few years ", says Gerald Engström.

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