DGAP-News: Knorr-Bremse Aktiengesellschaft: Knorr-Bremse to acquire R.H. Sheppard Co., Inc. in the United States as the next milestone on its way to become a global manufacturer of steering systems for commercial vehicles
DGAP-News: Knorr-Bremse Aktiengesellschaft
/ Key word(s): Takeover
Knorr-Bremse to acquire R.H. Sheppard Co., Inc. in the United States as the next milestone on its way to become a global manufacturer of steering systems for commercial vehicles
- Agreement to acquire R.H. Sheppard Co., Inc., Hanover, USA, for a purchase price of USD 149.5 million signed today
- The company is one of the leading manufacturers of steering systems for commercial vehicles in the U.S.
- Knorr-Bremse is setting a further milestone on its way to become a global manufacturer of steering systems for commercial vehicles
- Following the acquisition of the commercial vehicle steering division of Hitachi Automotive Systems in Japan in spring 2019, Knorr-Bremse is further strenthening its position as a global supplier of integrated steering and braking systems as a basis for driver assistance (DAS) and highly automated driving (HAD)
Munich, January 30, 2020 - Knorr-Bremse, the global market leader for braking and other systems for rail and commercial vehicles, strengthens its position in steering systems for commercial vehicles and today signed an agreement to acquire R.H. Sheppard Co., Inc., USA ("Sheppard"). Sheppard is one of the leading manufacturers of steering systems for commercial vehicles on the North American market. With the acquisition of Sheppard, Knorr-Bremse is broadening its international position in the field of steering systems, having already achieved a major expansion in Asia with the acquisition of the commercial vehicle steering division of Hitachi Automotive Systems in Japan in spring 2019.
Knorr-Bremse is to acquire Sheppard from WABCO Holdings Inc., USA ("WABCO") which is selling Sheppard in connection with the proposed takeover of WABCO by ZF Friedrichshafen AG ("ZF"). The agreed purchase price was USD 149.5 million. 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.
"For Knorr-Bremse the acquisition of Sheppard is another important step in our strategy to become a global manufacturer of steering systems for commercial vehicles. With integrated steering and braking systems for commercial vehicles, we can realize globally expanded functions in driver assistance and automated driving together with our customers and leverage cost potential through system integration," explains Dr. Peter Laier, Member of the Executive Board of Knorr-Bremse AG responsible for the Commercial Vehicle Systems division.
Sheppard's expertise brings optimal base for automated driving
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 2018, Sheppard generated sales of around USD 146 million and employed around 800 people.
Customized system solutions for North American trucks and buses
R.H. Sheppard Co., Inc. was founded in 1937 and manufactures components for the global commercial vehicle and transportation industries. The company develops and manufactures steering systems for commercial vehicles and related products and services to the highest quality standards.
For North America:
Investor Relations :
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.
|Moosacher Str. 80|
|Phone:||+49 89 3547 0|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Vienna Stock Exchange (Third Market (MTF))|
|EQS News ID:||964227|
|End of News||DGAP News Service|