DGAP-News: SHW AG / Key word(s): Takeover/Acquisition
SHW AG reinforces its competitive position in the field of electromobility
- Acquisition of Lust Hybrid-Technik GmbH
- Optimisation of degree of vertical integration in electric pumps
Aalen, 7 August 2017. SHW Automotive GmbH, a SHW Group company, has signed a contract for the acquisition of Lust Hybrid-Technik GmbH domiciled in Hermsdorf (Thuringia). With this acquisition, the company optimises the degree of vertical integration in its electric pumps business. As a provider of Electronics Manufacturing Services (EMS), Lust Hybrid-Technik covers the entire range of contract manufacturing for electronic assemblies - from the process development and circuit board assembly to sophisticated test concepts and global shipments.
"This is a forward-looking transaction for SHW", says Dr Frank Boshoff, CEO of SHW AG. "The process know-how at Lust in electronic circuit boards represents a great step forward for us in the development and assembly of integrated e-pumps. This reinforces our competitive position in the field of electromobility."
"Together with SHW we will be able to fully exploit our strengths in the production of electronic assemblies," says Thomas Walther, previously co-shareholder and also the future managing director of Lust Hybrid-Technik GmbH. "We will be able to make even greater use of our capacities in the future and significantly improve our profitability as a result."
Founded in 1992, Lust Hybrid-Technik GmbH employs approximately 90 staff and generated consolidated sales of almost EUR 10 million in fiscal year 2016. The company's portfolio of services comprises the development, industrialisation, production and qualification of complex, miniaturised electronics and micro-systems technology. For this purpose, Lust utilizes technologies for the surface mounting of devices (SMD) for electronic assemblies on circuit boards or ceramic substrates. In combination, this know-how allows the production of bespoke applications for high-end miniaturisation, precision sensoring and high-temperature applications.
The transaction will be closed in the current third quarter of 2017. The new subsidiary will be consolidated for the first time in August 2017. A non-disclosure agreement has been entered into regarding the financial details of the transaction.
The Company was established in 1365 making it one of the oldest industrial companies in Germany. Today, SHW AG is a leading automotive supplier providing products that make a substantial contribution to reducing fuel consumption and, consequently, to lowering CO2 emissions. In its Pumps and Engine Components business segment, the SHW Group develops and produces pumps for passenger vehicles and industry applications (e.g., trucks, agricultural and construction vehicles, stationary engines and wind farms) as well as engine components. The Brake Discs business segment develops and produces monobloc ventilated brake discs made of cast iron and composite brake discs made of a combination of an iron friction ring and an aluminium pot. The SHW Group's customers include renowned automotive manufacturers, manufacturers of commercial, agricultural, and construction vehicles as well as other suppliers to the automotive industry. Currently, the SHW Group has four production sites in Germany located in Bad Schussenried, Aalen-Wasseralfingen, Tuttlingen-Ludwigstal and Neuhausen ob Eck, one site in Brazil (Sao Paulo) and China (Kunshan) and has a sales and development centre in Toronto, Canada. Besides, SHW Automotive GmbH also holds a 51 per cent interest in the joint venture SHW Longji Brake Discs (LongKou) Co., Ltd., in LongKou (China). With just over 1,250 employees, the Company generated Group sales in fiscal year 2016 of EUR 406 million. Further information is available at: www.shw.de
Head of Investor Relations & Corporate Communications
Telephone: +49 (0) 7361 502 462
This press release contains certain future-oriented statements that are based on current assumptions and forecasts made by the management of SHW AG. Various known and unknown risks, uncertainties and other factors may lead to the actual results, financial position, development or performance of the company deviating considerably from the appraisals specified here. The company assumes no obligation to update future-oriented statements of this nature or adapt them to future events or developments.
This announcement is for information purposes only and does neither constitute an offer to sell, purchase, exchange or transfer any securities nor a solicitation of any offer to sell, purchase, exchange or transfer any securities.
The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. SHW AG does not intend to register any securities referred to herein under the Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States in connection with this announcement.
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|End of News||DGAP News Service|