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euro adhoc: ElringKlinger AG
Mergers - Acquisitions - Takeovers / ElringKlinger close to signing deal for takeover of Swiss heat shield specialist SEVEX AG

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
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Company Information
14.02.2008
Dettingen/Erms (Germany) / Sevelen (Switzerland), February 14, 2008  
+++ ElringKlinger AG is close to finalizing an agreement for the 
acquisition of SEVEX AG, Sevelen, a Swiss manufacturer of thermal and
acoustic shielding systems. In addition to acquiring the Swiss parent
company, ElringKlinger plans to take over the US-based subsidiary 
SEVEX North America, Inc., Buford, as well as SEVEX Asia, 
headquartered in Suzhou, China.
Negotiations nearing completion ElringKlinger is currently working on
the assumption that the purchase agreement will be signed by the end 
of March 2008. Both parties to the contract have agreed not to 
disclose details of the purchase price. The closing of the takeover 
transaction is subject to the usual provisos, in particular the 
receipt of official approval by the antitrust authorities.
The SEVEX Group has targeted sales revenue of around CHF 95 million 
for 2008 (EUR 59 million). The purchase price is within a range of 7-
to 8- times EBIT (earnings before interest and taxes).
Complementary technology Increasingly, automobile manufacturers are 
turning to smaller, lighter and, in many cases, turbocharged engines 
with complex exhaust-cleaning technology, the objective being to 
scale down fuel consumption and reduce emission levels. Given the 
sophisticated engineering processes associated with such high-end 
solutions, state-of-the-art automotive components such as thermal 
shielding systems are becoming increasingly important to the overall 
design. Whereas ElringKlinger has established a strong position 
within the area of engine shielding components, SEVEX is recognized 
as one of the leading suppliers of underbody heat shield systems and 
solutions deployed in the vehicle exhaust tract, drawing on its 
extensive knowledge of the materials and engineering processes 
involved. Thus, the SEVEX Group is the perfect complement to 
ElringKlinger's existing product portfolio. SEVEX operates 
development and production units in Sevelen (Switzerland), Buford 
(Georgia, USA) and Suzhou (China).
ElringKlinger advances to become second largest supplier worldwide In
2006, ElringKlinger generated sales revenue of approx. EUR 72 million
in its Shielding Technology division and is targeting an increase to 
around EUR 90 million in 2007. The acquisition of SEVEX would propel 
the ElringKlinger Group to second place in the international supplier
ranking for engine, underbody and exhaust tract shielding systems.
ElringKlinger AG's Chief Executive Officer, Dr. Stefan Wolf, 
underlined the technological and strategic importance of the 
acquisition: "In SEVEX, we have found the perfect complement to our 
core business. By joining forces, we will be able to position 
ourselves as a one-stop system supplier of engine, underbody and 
exhaust tract components. This will provide us with an even better 
vantage point when it comes to unlocking future business development 
and growth opportunities within the niche market of shielding 
technology." Wolf added, "Our aim is to integrate SEVEX within our 
Group's international production network as soon as possible. We also
believe that the transaction will be earnings accretive as early as 
2008."
SEVEX AG is one of the leading companies specializing in the 
development and production of high-performance heat shields for the 
automobile industry as well as system suppliers operating within the 
automotive sector. Its customer base includes all of the major 
European car manufacturers and suppliers. Employing some 330 people 
worldwide, SEVEX is considered one of the market leaders within the 
heat shield business. Operating at a global level, the ElringKlinger 
Group is a leading development partner and original equipment 
manufacturer within the area of cylinder-head and specialty gaskets 
as well as housing modules and shielding components used in engines, 
transmissions and exhaust systems. The company's R&D activities focus
on reducing fuel consumption, scaling back or eliminating emissions 
and developing alternative propulsion concepts. ElringKlinger is 
currently working on several new projects, including the development 
of fuel cell components and an innovative diesel particulate filter. 
The ElringKlinger Group employs around 3,500 people at 21 facilities 
worldwide. In the 2006 financial year, ElringKlinger reported sales 
revenue of EUR 528.4 (474.6) million and consolidated net income, 
after minority interests, of EUR 57.8 (42.4) million.
end of announcement                               euro adhoc

Further inquiry note:

ElringKlinger AG
Kathrin Müller
Tel. +49 (0) 7123/724-631
kathrin.mueller@elringklinger.de

Branche: Automotive Equipment
ISIN: DE0007856023
WKN: 785602
Index: SDAX, CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Düsseldorf / free trade
Börse München / free trade
Börse Stuttgart / regulated dealing

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