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Systemair buys Matthews & Yates

Systemair Group (Systemair), the multinational ventilation product manufacturer, acquired Matthews & Yates (Matthews) for an undisclosed sum last month. The move sees Systemair owning the intellectual rights, trading name and a number of assets of the 125-year old tunnel, axial and bifurcated fan manufacturer, which went into administration in January this year. Systemair plans to sell the Matthews range of products within the Systemair product portfolio. Matthews’ manufacturing business has been shut down and is being transferred to Germany and Slovenia. The rest of the machinery is being sold by the receiver KJ Watkins & Co. Matthews reported a £3.6 million turnover in its last trading year. Systemair, which reported sales in excess of E270m in its trading year, has approximately 1400 members of staff in Europe and North America. The company currently has no plans to hire any of Matthews existing staff, which were made redundant by the receivers.