Systemair acquires Canadian manufacturer Greentek
Systemair Ab
7,550.00p
16:30 25/04/24
Dual-listed ventilation company Systemair has acquired Canadian company Greentek, a division of Imperial Manufacturing Group, for an undisclosed amount.
Systemair snapped up Greentek, a significant manufacturer of residential air handling units for the US and Canadian market, after the firm's directors saw "great opportunities" with its current market presence and product portfolio.
Greentek is located in Moncton, about 50 kilometres from Systemair's production facility in Bouctouche and had a turnover of around SEK 70m (£5.97m) in its last trading year.
Chief executive Roland Kasper said: "This acquisition gives us a strengthened market position in North America and a possibility to coordinate our activities in Canada. The acquisition will release significant synergies within sales, distribution and production.
"We expect to relocate the production to our facility in Bouctouche immediately."
Systemair expects the transaction to be completed by 4 September.
At 1220 BST, Systemair shares had climbed 2.84% to SEK 101.40