DGAP-News: ElringKlinger AG: ElringKlinger increases its interest in the exhaust gas specialist Hug
(firmenpresse) - DGAP-News: ElringKlinger AG / Key word(s): Investment
ElringKlinger AG: ElringKlinger increases its interest in the exhaust
gas specialist Hug
31.07.2013 / 09:07
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Dettingen/Erms (Germany), July 31, 2013 +++ Automotive supplier
ElringKlinger AG acquires an additional 24.99% interest in the exhaust gas
purification specialist Hug Engineering AG. The contracts with members of
the former family owners and another shareholder were signed on July 30,
2013. ElringKlinger now holds a 93.67% interest in the Swiss subsidiary in
which it assumed control in May 2011.
ElringKlinger AG's stated aim is to acquire the Group's minority interests
to the highest extent possible. With this latest acquisition, the Company
is strengthening its position in the rapidly growing area of exhaust gas
purification technology. This will enable the Company to bring technical
innovations to the market even faster and to open up new areas of
application and enter new regions. The purchase price for the interest just
acquired amounts to approximately CHF 5.7 million (EUR 4.6 million).
The Swiss Hug Group manufactures exhaust aftertreatment systems for
stationary oil and natural gas-fired power plants as well as for mobile
installations in commercial vehicles, locomotives, and ships. Hug develops
and produces all of the material components entirely in-house. These
include ceramic substrates for catalytic converters, diesel particulate
filters, SCR systems, and the catalytic coating and housings utilized.
An important pillar of the business is currently the retrofit business with
mobicleanR(TM) diesel particulate filter systems in the USA. Revenues for
catalytic converter-combined diesel particulate filter systems have been
continuously rising in recent months aided by the CARB (California Air
Resources Board) approval of the California Environmental Protection Agency
for buses and trucks with a vehicle weight of over 6.34 tons. In the main
market of California, Hug now commands a market share of around 35%. The
nauticlean(TM) exhaust gas purification systems for the shipping industry
are
also showing encouraging development. In addition, Hug is already working
on prototypes for applications in the original equipment segment.
The Hug Group achieved revenues of EUR 36.6 million in 2012 and a loss
before taxes of EUR 3.5 million. Profitability has already seen a
noticeable improvement in the first quarter of 2013 through production
optimization and new projects. Revenues increased to EUR 11.0 million and
earnings before taxes amounted to EUR 1.0 million.
End of Corporate News
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31.07.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: ElringKlinger AG
Max-Eyth-Straße 2
72581 Dettingen/Erms
Germany
Phone: 071 23 / 724-636
Fax: 071 23 / 724-459
E-mail: stephan.haas(at)elringklinger.de
Internet: www.elringklinger.de
ISIN: DE0007856023
WKN: 785602
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard),
Stuttgart; Freiverkehr in Berlin, Düsseldorf, Hamburg,
Hannover, München
End of News DGAP News-Service
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