Panasonic Corporation has entered into an agreement with Cooling Solutions to purchase all the shares of its subsidiary Area Cooling Solutions, a Polish refrigeration equipment manufacturer.
Announcing the deal in a formal statement, Panasonic described the transaction as strategic allowing Panasonic to strengthen its condensing unit business in the European market and to accelerate its ongoing global expansion.
It also aligns with the Kigali Amendment to the Montreal Protocol3 and the European Union's F-Gas Regulation, which restrict the production, consumption, import, and export of HFCs.
Europe has been at the forefront of these environmental initiatives, aligning with the region’s commitment to climate neutrality and customer preferences for greener technologies.
Panasonic, which has established itself as the leading manufacturer of CO2 condensing units in the Japanese market, sees Europe as its most important market for the future.
“Area Cooling is an innovative company that is aggressively investing in growth areas such as inverter-controlled condensing units and CO2 condensing units,” the statement said.
“Its products have technological affinities with Panasonic's condensing units, as they have long used Panasonic-designed compressors.
“This company profile led Panasonic to determine that this acquisition would accelerate the strengthening of the foundation for its European business.
“The acquisition does not include the distribution business of compressors and other HVACR components Area Cooling is currently operating.”
Area Cooling and Panasonic will share resources and create synergies in the condensing unit business to develop products that better meet customer needs, manufacture locally in Europe, and increase the presence of Panasonic condensing units in the European market.