DGAP-News: Knorr-Bremse Aktiengesellschaft: Knorr-Bremse stops pursuing the acquisition of a shareholdering in HELLA
DGAP-News: Knorr-Bremse Aktiengesellschaft
/ Key word(s): Statement/Mergers & Acquisitions
Knorr-Bremse stops pursuing the acquisition of a shareholdering in HELLA
Munich, July 7, 2021 - Today, the Executive Board of Knorr-Bremse AG decided to stop pursuing a potential acquisition of a majority stake in HELLA GmbH & Co. KGaA. Following careful analysis, the Executive Board determined that the possible transfer of key technologies and products to its own product portfolio would not result in the realization of the expected synergies.
The Executive Board of Knorr-Bremse AG is continuously evaluating strategic options for the further development of the Group. The primary focus remains organic growth and the Company continues to explore opportunities to increase the value of the Company through acquisitions or partnerships.
"We have always considered opportunities for value-enhancing transactions with leading international companies, which is why we looked at HELLA. However, we did not see the necessary synergies in the potential transfer of competencies, particularly in the commercial vehicle sector. As a result, we determined that this acquisition would not create sufficient additional value for our shareholders," said Jan Mrosik, CEO of Knorr-Bremse AG. "Knorr-Bremse has a clear strategy based on profitable growth and a resilient business model. We will continue on our path of sustainable growth as a successful leading system supplier in the future."
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This publication may include - in the applicable financial reporting framework not clearly defined - supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures). For the assessment of the net assets, financial position and results of operations of Knorr-Bremse, these supplementary financial figures should not be used in isolation or as alternatives to the financial figures presented in the consolidated financial statements and determined in accordance with the relevant financial reporting framework. The calculation by other companies that report or describe similarly titled alternative performance measures may vary despite the use of the same or similar terminology.
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