DGAP-Ad-hoc: Knorr-Bremse Aktiengesellschaft: Knorr-Bremse to acquire R.H. Sheppard Co., Inc. in the United States
Knorr-Bremse Aktiengesellschaft / Key word(s): Takeover
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 to acquire R.H. Sheppard Co., Inc. in the United States
Munich, January 30, 2020 - Knorr-Bremse today signed an agreement to acquire R.H. Sheppard Co., Inc., Hanover, USA. The company is one of the leading manufacturers of steering systems for commercial vehicles on the North American market. The purchase price is USD 149.5 million.
The acquisition will be carried out by Bendix Commercial Vehicle Systems LLC, Elyria, USA, an indirect subsidiary of Knorr-Bremse AG and part of the Commercial Vehicle Systems Division in the USA. In 2018, Sheppard generated sales of around USD 146 million and an EBITDA of around USD 11.9 million and employed around 800 people.
Following the acquisition of the commercial vehicle steering systems business of Hitachi Automotive Systems in Japan, the acquisition of Sheppard represents a further step for Knorr-Bremse towards becoming a global supplier of integrated steering and braking systems for commercial vehicles.
Knorr-Bremse is to acquire Sheppard from WABCO Holdings Inc., USA, which is selling Sheppard in connection with the proposed takeover of WABCO by ZF Friedrichshafen AG. The closing of the acquisition of Sheppard by Knorr-Bremse is subject to closing conditions and regulatory approvals and is contingent upon the closing of the ZF acquisition of WABCO. Closing is expected in the first half of 2020.
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