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Panasonic acquires 40% stake in Innova

JAPAN/ITALY: Panasonic has acquired a 40% stake in Italian air conditioning and heat pump manufacturer Innova, as part of a business alliance agreement.

According to a press statement, the capital and business alliance will enable the two companies to collaborate in areas such as production and sales, with a focus on technological development in the residential hot water supply, air conditioning, and ventilation businesses.

Panasonic appears to be particularly interested in Innova’s hydronic fan coil units. In addition to its air conditioners and heat pumps, since 2022 Panasonic has also owned the commercial air conditioning division of Sweden’s Systemair, manufacturer of its ECOi-W chiller. 

Formed in 2004 and based in Storo in northern Italy, Innova reported annual sales of €102.7m in 2022. 

Related stories:

Panasonic to buy Systemair’s commercial AC business18 November 2022
JAPAN/SWEDEN: Panasonic has announced its intention to acquire the commercial air conditioning business of Swedish HVAC manufacturer Systemair AB in a deal said to be worth €100m. Read more…

Panasonic announces alliance with Systemair – 26 February 2019
SPAIN: Air conditioning manufacturer Panasonic has announced the launch of a heat pump chiller series as part of a new “strategic partnership” announced with Swedish ventilation company Systemair. Read more…

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