Tognum has a new major shareholder
Posted on April 30, 2008
Tognum AG has been informed by the private equity group EQT that it has sold its remaining approximately 22% stake in Tognum AG - which it held through the company Seeker Rekees S.à r.l. - to Daimler AG. Daimler’s Supervisory Board today approved the acquisition of this shareholding.
- Daimler AG acquires equity interest in Tognum from EQT
Friedrichshafen, 30 April 2008. Tognum AG has been informed by the private equity group EQT that it has sold its remaining approximately 22% stake in Tognum AG – which it held through the company Seeker Rekees S.à r.l. – to Daimler AG. Daimler’s Supervisory Board today approved the acquisition of this shareholding. Furthermore, Daimler AG has informed us that it intends to acquire a blocking minority (25% plus one share) in Tognum AG. The entire transaction is subject to the approval of antitrust and other authorities.
Tognum’s Board of Management welcomes this decision of Daimler and EQT. CEO Volker Heuer stated: “We are delighted that Daimler AG fully supports Tognum’s growth strategy – as a reliable business associate and now also as a strategic investor. EQT was the optimal partner for the implementation of our corporate strategy focused on profitable growth and today’s independence. Less than one year after the initial public offering, the previously open question of what would happen to EQT’s remaining stake has been successfully resolved. With Daimler as a strategic anchor investor, the independence of the company that was achieved through the IPO has now been secured long term in the interests of our customers and shareholders.”
Disclaimer regarding forward-looking statements et al.:
This report also contains forward-looking statements based on assumptions and estimates of Tognum’s Executive Board of Management. Although we assume that our assumptions and estimates on which we have based these forward-looking statements are realistic, we cannot guarantee that they will in the future prove to be correct. The assumptions and estimates, by their nature, may harbour risks and uncertainties that may cause the actual figures to differ considerably from the forward-looking statements. Factors that may cause such discrepancies include, among other things, changes in the economic and business environment, variations in exchange and interest rates, the introduction of competing products, lack of acceptance for new products or services and changes in corporate strategy. Tognum does not undertake any obligation to update, to review or to confirm the forward-looking statements or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this announcement.
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Tognum is one of the world’s leading suppliers of high-speed diesel engines and complete propulsion systems for ships and heavy land and rail vehicles, as well as industrial drive systems and decentralized power plants. These business operations are organized in two divisions: mtu Engines and Tognum Onsite Energy Systems & Components.
Tognum’s product portfolio includes diesel engines in the power range from 20 to 9,100 kilowatts, gas engine systems, gas turbines and fuel cells, and is one of the most modern and comprehensive in its sector. In addition, the Group develops and manufactures tailored electronic control and monitoring systems for its engines and propulsion systems.
Sales of the Tognum Group amounted to more than €2.8 billion in 2007. At the end of 2007, the Group employed approximately 8,200 personnel worldwide. It maintains a global sales and distribution network including 23 consolidated subsidiaries, more than 130 distribution partners and 1,100 authorized dealers.