MUTARES SE & CO. KGAA
DGAP-News: Mutares SE & Co. KGaA / Key word(s): Disposal/Investment
Mutares SE & Co. KGaA: Balcke-Dürr Group sells Balcke-Dürr Rothemühle to
Howden after a successful turnaround
2020-12-04 / 09:00
The issuer is solely responsible for the content of this announcement.
*Mutares SE & Co. KGaA: Balcke-Dürr Group sells Balcke-Dürr Rothemühle to
Howden after a successful turnaround *
- *Final divestment of Rothemühle business following the sale of activities
in Poland in spring 2020*
*- Double-digit Return on invested Capital for Balcke-Dürr Group*
*- Successfully aligned work with Management on the entire exit process*
*Munich, 04 December 2020 - *Balcke-Dürr, a holding of Mutares SE & Co. KGaA
(ISIN: DE000A2NB650), has sold Balcke-Dürr Rothemühle to Howden Group after
a successful reorganization and carve out. Balcke-Dürr Rothemühle is an
integrated service, engineering and original equipment provider to the flue
gas path segment of power and process plants. The company was established in
1936 and is a leading global provider of Air Preheaters, Gas-Gas Heaters and
related heat recovery equipment. The transaction is expected to close in Q1
2021 and is subject to regulatory approval.
Mutares acquired the business as part of the acquisition of Balcke-Dürr
Group in November 2016 from SPX Corporation based in Charlotte, USA. Focal
points of the restructuring process have been footprint adjustments,
capacity optimization as well as a focus on service-related business. The
unit was carved out in 2019 with the aim of being sold as an independent
entity. In 2019 the company generated a turnover of EUR 23.0 million with a
team of 55 employees. The entire management team will remain on board.
Johannes Laumann, CIO of Mutares, comments: "This sale highlights our core
competence of refocusing businesses to their fundamental expertise, in this
case the profitable service business. Due to management empowerment and
successful repositioning as an independent entity we have revitalized the
Rothemühle brand and established it in the market. We believe Howden is the
ideal new owner to lead the company into the next phase of
internationalization, both in terms of products and technology."
Ross B Shuster, CEO of Howden, said: "Rothemühle's service and product
offerings support our environmental technology efforts by reducing emissions
and improving plant operating efficiencies in their critical processes. This
acquisition will extend Howden's presence in the German market, whilst
giving the Company access to Howden's global network. We are pleased to
welcome the Rothemühle team to Howden."
*About Howden Group*
Howden is a leading global provider of mission critical air and gas handling
products. The company enables their customers' vital processes which advance
a more sustainable world. Based in Glasgow, Scotland, Howden has over 60
years heritage as a world-class application engineering and manufacturing
company with a presence in 36 countries. Howden manufactures highly
engineered fans, compressors, heat exchangers, steam turbines, and other air
and gas handling equipment, and provides service and support to customers
around the world in highly diversified end-markets and geographies.
*Company profile Mutares SE & Co. KGaA*
Mutares SE & Co. KGaA, Munich (www.mutares.de), as a listed private equity
holding company with offices in Munich (HQ), Frankfurt, Helsinki, London,
Madrid, Milan, Paris, Stockholm and Vienna, acquires medium-sized companies
and parts of larger groups with headquarters in Europe that show a clear
potential for operational improvement and are sold again after undergoing a
repositioning and stabilization process. Mutares actively supports and
develops its portfolio companies with its own investment and consulting
teams as well as through acquisitions of strategic add-ons. With for aim a
ROIC (Return on Invested Capital) of 7 to 10 times on the total investment
with a focus on sustainable growth of the portfolio companies. In 2020,
Mutares SE & Co. KGaA expects generated consolidated revenues of approx. EUR
1.8 billion employing more than 15,000 people worldwide. Based on this,
consolidated revenues are expected to increase to approximately EUR 3.0
billion by 2023. Mutares is strongly committed to a sustainable dividend
policy consisting of a base dividend and a performance dividend, which has
been stable above 10% yield in the past years. The shares of Mutares SE &
Co. KGaA are listed on the Frankfurt Stock Exchange under the ticker symbol
"MUX" (ISIN: DE000A2NB650 [1]).
For further information please contact us:
*Mutares SE & Co. KGaA*
Investor Relations
Phone +49 89 9292 7760
email: ir@mutares.de
www.mutares.de [2]
*Press contact*
CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Phone +49 89 125 09 0333
Email: sh@crossalliance.de [3]
www.crossalliance.de
2020-12-04 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.
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Language: English
Company: Mutares SE & Co. KGaA
Arnulfstr.19
80335 Munich
Germany
Phone: +49 (0)89-9292 776-0
Fax: +49 (0)89-9292 776-22
E-mail: ir@mutares.de
Internet: www.mutares.de
ISIN: DE000A2NB650
WKN: A2NB65
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt
(Scale), Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1152799
End of News DGAP News Service
1152799 2020-12-04
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(END) Dow Jones Newswires
December 04, 2020 03:00 ET (08:00 GMT)
