DGAP-Ad-hoc: Knorr-Bremse Aktiengesellschaft: Knorr-Bremse acquires the commercial vehicle steering systems business of Hitachi Automotive Systems, Ltd. in Japan and Thailand
Knorr-Bremse Aktiengesellschaft / Key word(s): Mergers & Acquisitions
Ad hoc Release
Public disclosure of an inside information according to Article 17 para. 1 of the Regulation (EU) No. 596/2014 on market abuse (MAR)
Keyword: Company acquisition / M&A
Knorr-Bremse acquires the commercial vehicle steering systems business of Hitachi Automotive Systems, Ltd. in Japan and Thailand
Munich, December 7, 2018 - Knorr-Bremse, the global market leader for braking systems and a leading supplier of other rail and commercial vehicle subsystems, today signed an agreement to acquire the commercial vehicle steering systems business (IPS) from Hitachi Automotive Systems, Ltd. in Japan and Thailand.
With this transaction, Knorr-Bremse strives to become the leading supplier of recirculating ball steering gears (RCB) for commercial vehicles in Japan, and executes the next step to become a global supplier for commercial vehicle steering systems. In 2017, the IPS business generated a turnover close to 100 million euros and has approximately 350 employees.
With this acquisition Knorr-Bremse will gain better access to the Japanese and the Southeast Asian market and will have the opportunity to also provide further products of the respective business in these regions.
The transaction is expected to be completed in the first quarter 2019. The closing of the transaction is still subject to the approval of the relevant antitrust authorities and other customary closing conditions.
This release may contain forward-looking statements, estimates, opinions and projections with respect to anticipated future performance of the Company ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including, but not limited to, the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Knorr-Bremse and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.
Knorr-Bremse expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.
Notwithstanding the above, Knorr-Bremse will of course continue to comply with its disclosure obligations in accordance with all applicable laws and regulations.
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