Systemair completes acquisition of 100% of shares in Turkish subsidiary.

Systemair has completed the acquisition of the remaining 10% of shares in Systemair HSK Türkiye, following approval from Turkish competition authorities. The company now holds 100% of shares in the Turkish subsidiary. Systemair is a leading ventilation company with operations in 51 countries, a turnover of SEK 12.3 billion in the 2023/24 financial year, and approximately 6,700 employees.

Systemair, a leading global ventilation company, has announced the completion of its acquisition of the remaining 10% shares in Systemair HSK Türkiye from the Eroğlu family [1]. With this acquisition, Systemair now holds 100% ownership of the Turkish subsidiary, further solidifying its presence in the country.

Established in 2012, Systemair HSK Türkiye has experienced significant growth under Systemair's ownership. Initially acquiring a 70% stake in 2012, Systemair followed up with an additional 20% acquisition in the same year, with an option to acquire the remaining shares at a later date [1]. Since then, the company has seen its sales grow to approximately EUR 55 million and employ around 350 people [1].

The Turkish subsidiary has thrived under the leadership of its current Managing Director, Ayça Eroğlu, who will continue to contribute to the company through a board position [1]. Systemair's investment in the modern 28,000 m² factory outside Istanbul has also played a crucial role in the company's success [1].

Systemair's acquisition of Systemair HSK Türkiye is subject to approval from the Turkish competition authorities, with final approval expected in the coming months [1].

With operations in 51 countries and a turnover of SEK 12.3 billion in the 2023/24 financial year, Systemair is a global player in the ventilation industry [2]. The company's growth in Turkey is a testament to its commitment to expanding its business in growth markets and improving indoor air quality worldwide.

References:
[1] Systemair Press Release, December 12, 2024, https://group.systemair.com/news/press-releases/2024/systemair-acquires-the-final-10-percent-of-the-shares-in-systemair-hsk-turkiye/
[2] Systemair AB, Company Profile, https://www.systemair.com/