Munters acquires Turkish distributor

Munters has entered into an agreement to acquire 80% of the Turkish company Munters-Form Endüstri Sistemleri Sanayi ve Ticaret A.Ş. Turkey. Munters-Form
has nine employees and the annual turnover of the company is around 3 million Euro. The acquisition has a marginal effect on Munters earning per share in 2008.

Munters-Form is mainly active in the field of dehumidification, ventilation products for the agricultural area and pre-cooling for gas turbines. The company is a part of the Form Group owned by the Korun family who will maintain a 20% interest in the company. Form Group has been the distributor of Munters Dehumidification and HumiCool products on the Turkish market and some neighboring countries for 22 years.

“Turkey has a strategic position in a region that is very important for Munters’ short and long term growth potential. Form Group, and the Korun family, have been long term partners with Munters. As we execute our growth strategy in Turkey and the region as a whole, it’s natural that we do this together with them”, says Lars Engström, CEO, Munters.

“The market for Munters products is rapidly expanding. With Munters as the main owner of Munters-Form the company will have the required strength to meet expected market demands and harvest on the growth opportunities both in Turkey and the rest of the region,” says Tunc Korun, General Manager of Munters-Form.

Tunc Korun will remain as General Manager for Munters-Form.

Kista, April 2, 2008