ERJ staff report (DS)
Dettingen/Erms (Germany) -- ElringKlinger AG said it is close to finalising an agreement for the acquisition of Sevex AG a Swiss manufacturer of thermal and acoustic shielding systems. In addition to acquiring the Swiss parent company, ElringKlinger plans to take over the US-based subsidiary Sevex North America, Inc., Buford, as well as Sevex Asia, headquartered in Suzhou, China.
Negotiations are nearing completion, said the company. ElringKlinger said it is currently working on the assumption that the purchase agreement will be signed by the end of March 2008, subject to approval of the relevant authorities. Both parties to the contract have agreed not to disclose details of the purchase price.
The SEVEX Group has targeted sales revenue of around CHF 95 million for 2008 (EUR 59 million). The purchase would make ElringKlinger the second largest supplier of these shields worldwide In 2006, ElringKlinger generated sales revenue of approx. EUR 72 million in its Shielding Technology division and is targeting an increase to around EUR 90 million in 2007. The acquisition of Sevex would propel the ElringKlinger Group to second place in the international supplier ranking for engine, underbody and exhaust tract shielding systems.
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Press release from ElringKlinger