DGAP-News: Friedrich Vorwerk Group SE / Key word(s): Takeover/Expansion
FRIEDRICH VORWERK acquires specialist for Cathodic Corrosion Protection
2021-03-01 / 08:00
The issuer is solely responsible for the content of this announcement.
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FRIEDRICH VORWERK acquires specialist for Cathodic Corrosion Protection
Tostedt, 1 March 2021 - FRIEDRICH VORWERK Group SE, a subsidiary of MBB SE (ISIN DE000A0ETBQ4), acquired KORUPP GmbH,
one of the leading providers of services and products in the field of Cathodic Corrosion Protection (CCP). FRIEDRICH
VORWERK thus secures the technological competence and personnel capacities to protect underground energy transport and
storage systems against corrosion.
KORUPP is specialised in the engineering, installation and service of systems for Cathodic Corrosion Protection for
almost 70 years. Of particular importance are KORUPP's solid-state electrodes (patent pending) that are developed and
manufactured at the company's headquarters in Twist. With more than 20 specialists, KORUPP generates very profitable
revenues in the single-digit million range. Through the merger with FRIEDRICH VORWERK, the company expects to grow
significantly in the coming years to meet the increasing demand for Cathodic Corrosion Protection.
CCP technology is gaining particular importance through the expansion of new underground power lines in the course of
the clean energy transition. In order to transport renewable energy from wind and solar parks to the large industrial
consumption centres, projects with a total volume of around EUR17 billion are currently planned in Germany alone with
Suedlink, Suedostlink and Korridor A-Nord. The realisation of these underground power lines will lead to a considerable
need for investment in Cathodic Corrosion Protection, as not only new lines but also existing energy infrastructure in
the vicinity of these lines will have to be newly protected against corrosion.
In addition, the development of a European infrastructure for green hydrogen will significantly increase the need for
CCP solutions. The planned European Hydrogen Backbone, with an estimated investment volume of EUR64 billion, requires new
underground hydrogen pipelines as well as the retrofitting of existing gas grids. Due to the special properties of
hydrogen, Cathodic Corrosion Protection plays an important role for this hydrogen infrastructure. FRIEDRICH VORWERK and
KORUPP see themselves well equipped to benefit from these upcoming growth potentials.
About FRIEDRICH VORWERK:
FRIEDRICH VORWERK is a leading provider of energy transportation and transformation infrastructure for the gas,
electricity and hydrogen markets. With more than 50 years of experience in pipeline and plant engineering, FRIEDRICH
VORWERK's 1,250 highly qualified employees cover a wide range of critical services for the European clean energy
transition. In 2020, FRIEDRICH VORWERK generated revenues of more than EUR291 million with adjusted EBITDA of more than
EUR58 million and adjusted EBIT of over EUR47 million.
FRIEDRICH VORWERK Group SE
Niedersachsenstraße 19-21
21255 Tostedt
Tel +49 4182 - 1047
Fax +49 4182 - 6155
tostedt@friedrich-vorwerk.de
www.friedrich-vorwerk.de/
Management Board
Torben Kleinfeldt (CEO)
Tim Hameister
Chairman of the Supervisory Board
Dr Christof Nesemeier
Court of Registration
District Court of Tostedt, registration number: HRB 208170
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2021-03-01 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Friedrich Vorwerk Group SE
Niedersachsenstraße 19-21
21255 Tostedt
Germany
E-mail: hameister@friedrich-vorwerk.de
Internet: www.friedrich-vorwerk.de
EQS News ID: 1171806
Börsennotierung im Prime Standard vorgesehen / Intended to be listed
End of News DGAP News Service
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(END) Dow Jones Newswires
March 01, 2021 02:02 ET (07:02 GMT)
