HÖRMANN Industries intends to fully acquire Hörmann Automotive Gustavsburg GmbH
HÖRMANN Automotive GmbH, a wholly-owned subsidiary of HÖRMANN Industries GmbH (corporate bond, German Securities Code Number (WKN): A2AAZG), Kirchseeon, and MAN Truck & Bus AG, Munich, today signed an agreement on the full unbundling of their joint shareholder relationship in respect of HÖRMANN Automotive Gustavsburg GmbH. Under the terms of the agreement, HÖRMANN Automotive GmbH will acquire MAN Truck & Bus AG’s 40% equity interest in HÖRMANN Automotive Gustavsburg GmbH, thereby acquiring the previous joint venture for the manufacture of chassis components and body parts for commercial vehicles in full. The agreement will come into effect subject to individual conditions including anti-trust approval.
All the production facilities used by the former joint venture and still owned by MAN Truck & Bus AG will also be transferred as part of the transaction. The land owned by MAN Truck & Bus AG and used as a production site, including the existing lease agreement, will be acquired by AIC HÖRMANN GmbH & Co. KG, a company that is privately owned by the Hörmann family and that does not form part of the HÖRMANN Industries Group.
The strategically important transaction does not have any direct impact on HÖRMANN Industries GmbH’s earnings forecast for the financial year. HÖRMANN Automotive Gustavsburg GmbH, which is already included in the consolidated financial statements of HÖRMANN Industries in full, is the biggest company in the Group, with annual sales of around EUR 180 million. MAN Truck & Bus AG and HÖRMANN Automotive Gustavsburg GmbH will continue their long-standing business relationship in future in the form of standard customer-supplier relationships, which will be secured through long-term master supply agreements in order to ensure the economic success of both partners. As an entirely manufacturer-independent supplier, HÖRMANN Automotive Gustavsburg GmbH will also have the opportunity to further expand its customer portfolio in future.