Systemair (NASDAQ OMX Stockholm: SYSR) have agreed to take over the assets of Kryotherm AB, Piteå.
Kryotherm is a company founded in 1967 with great experience of products that combines the cooling and ventilation. The last 5 years, the turnover on average amounted to about SEK 30 million. In 2010 turnover decreased and the company made a loss. The company cancelled payments 2011-06-30, Systemair takes over all assets and their 12 employees.
-"Kryotherm has products that complement our product range and gives us more opportunities to deliver complete solutions in ventilation systems. They have great knowledge and long experience in the field of ventilation unit with integrated cooling or heat pump. We see synergies in both product development and sales", says Systemairs CEO Gerald Engström.
For further information, please contact:
Gerald Engström, CEO, +46 222 440 01, +46 70 519 00 01
Pär Johansson, Sales Manager, Sweden, +46 8 55 44 26 05, +46 70 323 40 19
Ingemar Wallström, Kryotherm, +46 70 584 73 50
Systemair AB, SE-739 30 Skinnskatteberg, Sweden, +46 222 440 00, www.systemair.com
Note: The information in this press release is information that Systemair AB is required to disclose in accordance with the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. Swedish and English versions of this information have been submitted for publication at 13.30 am on 22 August 2011.
Systemair in brief
Systemair is a leading ventilation company with operations in 40 countries in Europe, North- and South America, the Middle East, Asia, Africa and Australia. The Company had sales of SEK 3.47 billion in financial 2010/11 and currently employs about 2,500 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.