EDAG Engineering Group AG, CH0303692047

EDAG Engineering Group AG, CH0303692047

03.07.2017 - 09:32:31

EDAG Engineering Group AG: EDAG expands market presence in North America

Arbon/Troy (Detroit) 3. July 2017 EDAG Group has acquired 100% of the shares of CKGP/PW & Associates Inc., based in Troy, Michigan, USA with effect from July 1st, 2017. EDAG strengthens the access to the US-American market and extends the range of competencies in the Segment Production Solutions, especially in the areas of production planning and plant engineering, both relevant for industry 4.0.  

CKGP/PW & Associates Inc. which has been active in the US market for many years, has firmly established its position among the North American vehicle manufacturers as an engineering partner for production plants. The company offers a comprehensive range of services in the fields of conveyor technology/paintwork planning, material flow and logistics planning as well as manufacturing and process engineering. EDAG CEO Joerg Ohlsen points out: "The US market offers excellent growth prospects. Until 2020, industry experts expect a growth rate of about 35% to a total market volume of EUR 3.1 billion for automotive engineering service providers[1]. Additionally, the acquisition represents another step towards establishing EDAG Production Solutions as a general planner for the worldwide development of production plants."  

The range of services and customer portfolios of the two companies complement one another perfectly. EDAG Production Solutions as globally active engineering specialist for production plants is one of the leading companies in the engineering service industry with more than 1,300 employees. After the acquisition, CKGP/PW & Associates Inc. will gain access to the EDAG Group's global capacities and its international customer base. At the same time, the EDAG Group will benefit from the excellent customer relations enjoyed by the traditional American company in the US market.  

EDAG Production Solutions' Chairman of the Board of Management, Rainer Wittich, is looking forward to the expansion of his segment: "The transaction is a win-win situation for both companies in order to jointly achieve the set growth targets. Together, we are able to further expand our importance as a globally active engineering partner on the path to industry 4.0."About EDAG

EDAG is an independent engineering services provider to the global automotive industry. The company serves leading domestic and international vehicle OEMs and sophisticated automotive suppliers through a global network of about 60 sites in major automotive centres of the world.

EDAG offers complementary engineering services across its Vehicle Engineering, Electrics/Electronics and Production Solutions businesses. Based on these extensive capabilities, EDAG can support clients across the entire value chain from the original design idea to product development and prototype construction all the way to the delivery of turnkey production systems. As a technology and innovation leader, EDAG also operates established centres of excellence that design landmark technologies for future applications in the automotive industry: lightweight construction, electric mobility, car IT, integral safety and new production technologies.

In financial year 2016, the company generated revenues of EUR 715 million and an adjusted EBIT of EUR 43.8 million. As at 31 December 2016, 8,270 employees (including apprentices) worked for EDAG in 19 countries.

Press contacts:Public Relations Christoph Horvath Press Officer EDAG Group Phone: +49 (0) 661- 6000 570 Mail: pr@edag.de www.edag.de

Investor Relations Sebastian Lehmann Head of Investor Relations Phone: +49 (0) 611- 7375 168 Mail: ir@edag-group.ag ir.edag.de

 

Forward-looking statements

This release contains forward-looking statements. These statements are based on current estimates and projections of EDAG Executive Board and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not be accurate. Many factors could cause the actual results, performance or achievements of EDAG to be materially different from those that may be expressed or implied by such statements. EDAG does not assume any obligation to update the forward-looking statements contained in this release.  

[1] Source: AT Kearney

End of Media Release Issuer: EDAG Engineering Group AG Key word(s): Services

03.07.2017 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English

Company: EDAG Engineering Group AG Schlossgasse 2 9320 Arbon

Switzerland Phone: +41 71 54433-0 E-mail: ir@edag-group.ag Internet: www.edag.com ISIN: CH0303692047 WKN: A143NB Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart   End of News DGAP Media

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