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MarketScreener Homepage  >  Equities  >  WIENER BOERSE AG  >  Miba AG    MIHV.P   AT0000734835

MIBA AG

(MIHV.P)
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Miba : to acquire full ownership of joint venture in Brazil

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05/10/2017 | 11:37am EST

Miba AG will acquire full ownership of Brazilian sinter component manufacturer Mahle Metal Leve Miba Sinterizados (MMLMS) as of June 30, 2017. To date, Miba AG has held a 40 percent stake in the joint venture with the German Mahle Group. The company will now operate as Miba Sinter Brasil (MSB). As a result of the acquisition, the Miba Group will be positioned on four continents with its own plants. It will also grow to more than 6,200 employees worldwide.

Global growth continues at the Upper Austrian technology group Miba. Miba plans to increase its interest in Mahle Metal Leve Miba Sinterizados (MMLMS) from the current level of 40 percent to 100 percent as of June 30. In the future, the company will operate as Miba Sinter Brasil (MSB). MSB employs 340 people at its Indaiatuba site, near São Paulo. The company specializes in producing sinter components for the South American automotive industry and the global compressor industry, and generates annual revenue of around EUR 30 million. Miba has held an interest in the company since 1998 through a joint venture with the German Mahle Group; in 2013 Miba increased that interest from 30 to 40 percent.

Growth opportunities in the South American market

'By acquiring all the shares in MSB, we are consistently following our path of global growth,' explains F. Peter Mitterbauer, Chairman of the Management Board of Miba AG. 'Miba's strategic goal is to operate production sites around the world where we see opportunities for our customers, and ourselves, to grow. Having a global presence is particularly essential in the automotive industry in order to play a strong role in the global markets.' The automotive market in Brazil, and in the whole of Latin America, has been extremely challenging and volatile over the past years. 'However, our shareholding in MMLMS has taught us about the Brazilian and the entire South American automotive market which we have been following for almost 20 years. And we are convinced that the market will enjoy sustained, positive development after difficult years.'

Miba AG published this content on 10 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 May 2017 15:36:19 UTC.

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Managers
NameTitle
Franz Peter Mitterbauer Chairman-Management Board & CEO
W. Christian Georg Berndt Chairman-Supervisory Board
Markus Hofer Chief Financial Officer
Alfred Hannes Heinzel Deputy Chairman-Supervisory Board
Johann Forstner Member-Supervisory Board
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