Systemair announces two European acquisitions
DT Thermo and DT Thermo MNE are to both be acquired by ventilation company Systemair.
Ventilation company Systemair is to expand its operations after reaching an agreement to purchase two European firms.
It is to buy Serbian enterprise DT Thermo and Montenegro's DT Thermo MNE after identifying Serbia and Montenegro as a potentially valuable market.
The companies recorded a combined turnover of SEK 16 million (£1.5 million) in 2011 and chief executive of Systemair Gerald Engstrom said the move ties in with the business's plan to "enter emerging markets at an early stage".
Systemair, which is based in Sweden and operates in 42 countries worldwide, may have sought advice from merger and acquisition consultants before reaching the deal, which is subject to regulatory approval.
Director of marketing for Systemair Svein Nilsen added acquiring the two companies - which have both distributed Systemair products in the past, will give the firm a "route to market" in Serbia and Montenegro, as well as help to strengthen its position in the ventilation industry.
Posted by Edel Quinn
Source: Systemair press release, March 29th