18.03.2016
ElringKlinger AG DE0007856023
DGAP-News: ElringKlinger subsidiary Hug Engineering AG acquires COdiNOx Beheer Group
DGAP-News: ElringKlinger AG / Key word(s): Takeover
ElringKlinger subsidiary Hug Engineering AG acquires COdiNOx Beheer Group
18.03.2016 / 11:15
The issuer is solely responsible for the content of this announcement.
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Dettingen/Erms (Germany), March 18, 2016 +++ Hug Engineering AG, a
specialist in exhaust gas purification systems based in Elsau, Switzerland,
has acquired an additional 80% of the ownership interests in COdiNOx Beheer
B.V., a company headquartered in Enschede, Netherlands. It thus holds 90%
of the interests in this entity. The other 10% interest remains with the
former majority owner. The purchase agreements were signed at the end of
February 2016.
Closing of the takeover deal is dependent, among other aspects, on the
merger of four subsidiaries of COdiNOx Beheer B.V. into the parent company.
The transaction is expected to be closed in April 2016. The company will
subsequently be renamed as Hug Engineering B.V. The acquiree is to be
included in the scope of consolidation of the Hug Engineering Group
retrospectively as of January 1, 2016.
COdiNOx Beheer B.V. has been a distribution and service partner to Hug
Engineering for the past 20 years. It encompasses the subsidiaries SootTech
B.V., SootTech Marine B.V., Hanwel Environment and Energy B.V., and
COdiService B.V. Hanwel E&E holds the exclusive distribution rights to
COdiNOx systems produced by Hug Engineering and used as flue gas scrubbers
in greenhouses. SootTech B.V. distributes the full range of Hug systems for
mobile applications. Hug Engineering has held a 10% interest in the
aforementioned companies for the last ten years.
As Mark Fellmann, Managing Director of Hug Engineering AG, pointed out:
"This acquisition is aimed at exploiting synergies and leveraging growth
potential for Hug exhaust gas purification systems. Our intention is to
further extend our solid, well-established business relationship and drive
forward efforts to cultivate new markets."
COdiNOx Beheer B.V. currently employs 19 people, who will be taken on by
the new subsidiary Hug Engineering B.V. The management structures in the
Netherlands will remain unchanged.
__________________________________________________________________________
For further information, please contact:
ElringKlinger AG
Dr. Jens Winter
Investor Relations / Corporate PR
Max-Eyth-Straße 2
72581 Dettingen/Erms
Germany
Phone +49 7123 724-88335
Fax +49 7123 724-85 8335
E-mail [email protected]
About ElringKlinger AG
ElringKlinger has focused its efforts on developing forward-looking green
technologies. These are designed not only to reduce CO2 emissions but also
to scale back the level of harmful nitrogen oxides, hydrocarbons and soot
particles. ElringKlinger is one of the few automotive suppliers worldwide
with the capabilities of developing and producing high-tech components for
all types of drive system - whether for downsized combustion engines or for
electric vehicles driven by batteries or fuel cells. Drawing on our
expertise in lightweight engineering, we can make a decisive contribution
to efforts aimed at further reducing vehicle weight and thus fuel
consumption. The company's portfolio centered around emissions reduction
also includes particulate filters and end-to-end exhaust gas purification
systems used in ships, commercial vehicles, construction machinery and
stationary engines as well as in power stations. This is complemented by
products made of the high-performance plastic PTFE supplied by
ElringKlinger Kunststofftechnik, which are marketed to a wide range of
industries - also to those operating beyond the vehicle manufacturing
sector. Applying our abilities as an innovator, we are committed to
sustainable mobility and earnings-driven growth. These efforts are
supported by our dedicated workforce of more than 7,900 people at 45
ElringKlinger Group locations around the globe.
About Hug Engineering AG
Hug Engineering's core business is the development, manufacturing,
engineering, sales and servicing of exhaust gas purification systems. The
company has been providing standard as well as tailor-made solutions to
it's customers for more than 30 years. Because of innovation and know-how,
Hug Engineering has become one of the world's leaders in the area of diesel
particle filters and catalytic exhaust after treatment for stationary and
mobile applications.
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18.03.2016 Dissemination of a Corporate News, 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.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: ElringKlinger AG
Max-Eyth-Straße 2
72581 Dettingen/Erms
Germany
Phone: 071 23 / 724-0
Fax: 071 23 / 724-9006
E-mail: [email protected]
Internet: www.elringklinger.de
ISIN: DE0007856023
WKN: 785602
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover, Munich; Terminbörse EUREX
End of News DGAP News Service
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446857 18.03.2016
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