ElringKlinger sells exhaust gas purification business
Dettingen/Erms (Deutschland), December 21, 2017 +++ ElringKlinger AG has reached an agreement with a major French automotive supplier for the sale of its exhaust gas purification business, as part of which the German company will divest itself from the Hug Group based in Elsau, Switzerland. The 93.67% interest held by ElringKlinger in Hug Engineering AG prior to the sale will thus pass entirely to the contracting party. The parties to the contract have agreed not to disclose details relating to the purchase consideration. The purchase agreement was signed on December 21, 2017; subject to antitrust clearance, the transaction is expected to be closed during the first quarter of 2018.
In completing this deal, ElringKlinger will withdraw from the business field of exhaust gas purification. This strategic decision is to be seen against the background of increasing globalization within this area of business, which would have necessitated further substantial investments by ElringKlinger in order to remain competitive in this market in the long term. ElringKlinger's strategic focus is mainly centered on the promising fields of lightweighting and e-mobility with its three supportive pillars of battery technology, fuel cell technology, and electric drive systems.
The Exhaust Gas Purification division currently operating within the Original Equipment segment offers solutions for engines deployed in both mobile - such as commercial vehicles, trains, and ships - and stationary applications. In 2016, it contributed around 3% to consolidated revenue within the ElringKlinger Group. Its share of business is estimated at a similar level for the current financial year.
For further information please contact:
Dr. Jens Winter
Phone +49 7123 724-88335
Fax +49 7123 724-85 8335