ERJ staff report (DS)
Frankfurt, Germany -- The ElringKlinger Group has bought the outstanding 49.0 of shares in its the Spanish joint venture ElringKlinger, S.A., Reus, effective from March 07, 2008. In addition, ElringKlinger has bought the remaining 10 percent interest in ElringKlinger Sealing Systems, S.L., also based in Reus. In doing so, ElringKlinger AG has underlined its commitment to the strategy of acquiring in full any minority interests held in Group entities.
The company did not release the full purchase price, but indicated it was in the low-double-digit million euros.
ElringKlinger Reus has makes high-end rubber and metal components, manufacturing elastomer and metal-elastomer gaskets under cleanroom conditions. Among other things, Reus is to be further expanded as a production site of the ElringKlinger Group, the emphasis being on small-batch production tailored specifically to the aftermarket segment. The other company, ElringKlinger Sealing Systems makes plastic cam covers.
In 2007, the two Spanish subsidiaries generated total sales revenues of EUR 32.2 million and achieved an operating margin above 10 percent. Approximately half of the sales revenues generated are with ElringKlinger AG or subsidiaries of ElringKlinger Group. The two Spanish subsidiaries have already been included in the scope of consolidation of ElringKlinger Group
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Press release from ElringKlinger