Systemair Acquires Remaining 10% Stake in Systemair HSK Turkey

Forex - The climate control company Systemair is purchasing the remaining 10% stake in Systemair HSK from the Eroğlu family.

In a statement from the company, it was noted that in August 2012, Systemair AB acquired 70% of HSK's shares, and by December of the same year, it further increased its stake to 90% by purchasing an additional 20% of the shares.

The statement added, "The agreement included an option for the subsequent purchase of minority shares. Since the acquisition, the company has developed very well, with sales reaching approximately 55 million euros with around 350 employees. The current management has strengthened the company’s market position, and a modern factory of 28,000 m2 has been built outside of Istanbul."

Following the acquisition, Systemair now owns 100% of the company's shares. It was also mentioned that the acquisition is subject to approval from the Competition Authority, with final approval expected in the coming months.