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KLIMOR: NEW SUBSIDIARY IN THE KLIMA-THERM GROUP

KLIMOR: NEW SUBSIDIARY IN THE KLIMA-THERM GROUP

2011/01/03

KLIMA-THERM S.A. reached an agreement with the majority shareholder of “KLIMOR” – Gdańska Stocznia “Remontowa” (“Remontowa” Group) – concerning the acquisition of KLIMOR’s entire business activity. The overtake was completed in December 2010.

The acquisition of KLIMOR is part of KLIMA-THERM’s strategy envisaging expansion of its activity as a supplier of air conditioning, refrigeration and - resulting from taking up majority shares of KLIMOR - including ventilation equipment. KLIMA-THERM will be able to provide all the customers with a complete range of HVAC products and services which will strengthen the company’s leading position both in Poland and in all European countries operated by KLIMA-THERM Group.

- Our goal is to develop business activity in Poland and keep company’s leading market position. I do believe that the competence of KLIMA-THERM’s employees will perfectly complemented by knowledge and experience of specialists employed at KLIMOR. KLIMOR is known as a forerunner among Polish manufacturers of ventilating units. The combination of a strong and dynamically developing company which is KLIMA-THERM with many years of experience and tradition worked out by KLIMOR will strengthen the position of the whole Group in the HVAC industry, as well as allows us to calmly think about the maintenance of dynamic development - said Andrzej Walendowicz, Vice President and Sales Director at KLIMA-THERM S.A.

The new owner intends to continue KLIMOR’s production activity as well as to develope the subsidiary under its own brand.

For more information about the company KLIMOR and its product portfolio visit the website www.klimor.pl