Acquisitions and divestments
Steinbeis Mechatronik GmbH
On 23 December 2014 Kendrion reached an agreement with the owners of Steinbeis Mechatronik GmbH in Ilmenau, Germany, effective 5 January 2015. Steinbeis Mechatronik GmbH employs a staff of 14 and generates an annual revenue of EUR 1-2 million. An engineering and research company engaged in the development of innovative mechatronic products, Steinbeis Mechatronik employs a team of experts specialising in electromagnetism, electronics and mechatronics and maintains close ties with the nearby Technical University of Ilmenau. Kendrion has acquired the shares in Steinbeis Mechatronik - established by Prof. Eberhard Kallenbach in 1992 - from the Kallenbach family (48%) and the Steinbeis-Beteiligungsholding GmbH (52%) for an undisclosed amount. Steinbeis Mechatronik GmbH, which will be trading as Kendrion Mechatronics Center, is set to merge in the near future with Kendrion Academy GmbH (established in 2013), as part of its strategy of integrating and focusing Kendrion’s activities on research and development. Its registered office will continue to be based in Ilmenau.
Kendrion reached agreement on 6 May 2013 with the shareholders and management of Kuhnke on its acquisition of Kuhnke. Kuhnke had revenue of EUR 110 million in 2012 and approximately 1,100 employees. Kuhnke has branches in Malente (Germany, approximately 500 employees), Sibiu (Romania, approximately 560 employees) and sales offices in various locations including Kristianstadt (Sweden). Kuhnke operates in the automotive industry, with revenues of approximately EUR 70 million in 2012, and the automation industry, with revenues of approximately EUR 40 million in 2012 (generated in the machine manufacturing and medical sectors).
Kendrion (Linz) GmbH
Kendrion reached an agreement with the owner of the minority interest of Kendrion (Linz) GmbH on the acquisition of remaining 49% interest in the company as from 31 December 2012.
FAS Controls, Inc.
On 27 December 2011 Kendrion reached an agreement with Industrial Opportunity Partners regarding the acquisition of FAS Controls, Inc. FAS Controls is located in Shelby, North Carolina, United States, generates revenue of approximately USD 35 million and employs around 200 people. FAS Controls is active in the automotive and truck market and supplies high-quality electromagnetic valves, in addition to pressure switches and lighting modules. The company is a true niche player, technologically advanced and profitable and fitting in Kendrion's overall strategy.
magneta GmbH & Co. KG
Kendrion reached an agreement with the owner of magneta GmbH & Co. KG concerning the acquisition of this company as per 25 February 2010. Magneta is located in Aerzen (Germany), has a turnover of approximately EUR 9 million and about 40 employees. The company is specialised in small electromagnetic brakes and clutches. These are amongst others applied in cash dispensers, transportation systems and in the automotive industry. It is in this respect a real niche player fitting in Kendrion’s overall strategy.
In August 2008 Kendrion reached an agreement with the owners of Tri-Tech LLC concerning the acquisition of this company. Tri-Tech LLC is located in Mishawaka, Indiana in the United States and has approximately 35 employees. The company generates annual revenue of approximately USD 5 million. Tri-Tech LLC’s core activity entails the development and production of electromagnetic components for soft drink dispensers. The company is profitable and is being acquired in order to further strengthen Kendrion Electromagnetic’s industrial activities.
On 29 November 2007, Kendrion reached agreement with the owners of Linnig Antriebstechnik GmbH in Germany on the acquisition of the entire share capital of that company. Linnig Antriebstechnik Group is a global supplier of electromagnetic clutch systems for engine cooling and air conditioning systems in buses (particularly luxury touring cars) and special vehicles.
In 2007, the company generated sales of approximately EUR 40 million and employed a total of 200 personnel. Its headquarters are located in Markdorf (Germany), and the company also has smaller sites in Mexico (51%), the United States, Brazil and China.
On 21 December 2007 Kendrion reached a definitive agreement with Gnosjö-Gruppen Holding AB for the sale of its Automotive Metals activities. In 2007 Automotive Metals recorded sales of over EUR 110 million and an operating profit of EUR 3.1 million. Automotive Metals has sites in Sweden, Germany, Slovakia and Hong Kong, and employs approximately 700 staff.
On 12 February 2009 the Vink group - part of the division Distribution Services - was sold to Edmundson Distribution Limited. The company Servico - also part of the Distribution Services divison - was sold to Robert Bosch GmbH as per 22 December 2008.