Knorr-Bremse Aktiengesellschaft: Knorr-Bremse acquires the commercial vehicle steering systems business of Hitachi Automotive Systems, Ltd. in Japan and Thailand
Ad hoc Release Munich, December 7, 2018
Public disclosure of an inside information according to Article 17 para. 1 of the Regulation (EU) No. 596/2014 on market abuse (MAR)
Keyword: Company acquisition / M&A
Knorr-Bremse acquires the commercial vehicle steering systems business of Hitachi Automotive Systems, Ltd. in Japan and Thailand
Munich, December 7, 2018 - Knorr-Bremse, the global market leader for braking systems and a leading supplier of other rail and commercial vehicle subsystems, today signed an agreement to acquire the commercial vehicle steering systems business (IPS) from Hitachi Automotive Systems, Ltd. in Japan and Thailand.
With this transaction, Knorr-Bremse strives to become the leading supplier of recirculating ball steering gears (RCB) for commercial vehicles in Japan, and executes the next step to become a global supplier for commercial vehicle steering systems. In 2017, the IPS business generated a turnover close to 100 million euros and has approximately 350 employees.
With this acquisition Knorr-Bremse will gain better access to the Japanese and the Southeast Asian market and will have the opportunity to also provide further products of the respective business in these regions.
The transaction is expected to be completed in the first quarter 2019. The closing of the transaction is still subject to the approval of the relevant antitrust authorities and other customary closing conditions.
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Contact: Alexandra Bufe Tel: +49 (0)89 3547 1402 Mobile: +49 170 704 3786 E-mail: firstname.lastname@example.org Harald Kinzler Phone: +49 89 3547 1498 Mobile: +49 172 899 6267 Email: email@example.com
07-Dec-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Knorr-Bremse Aktiengesellschaft Moosacher Str. 80 80809 Munich
Germany Phone: +49 89 3547 0 E-mail: firstname.lastname@example.org Internet: www.knorr-bremse.com ISIN: DE000KBX1006 WKN: KBX100 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Vienna Stock Exchange (Third Market (MTF)) End of Announcement DGAP News Service
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