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Wittur Holding GmbH: Wittur and Sematic to merge in order to create a leading global supplier to the elevator industry
DGAP-News: Wittur Holding GmbH / Key word(s): Mergers & Acquisitions
Wittur Holding GmbH: Wittur and Sematic to merge in order to create a
leading global supplier to the elevator industry
11.08.2015 / 12:01
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PRESS RELEASE
Wittur and Sematic to merge in order to create a leading global supplier to
the elevator industry
Combined company will become one of the significant global manufacturers of
components, modules and complete systems for the elevator industry
Wiedenzhausen / Osio Sotto, 11 August 2015 - Wittur (ISIN: XS1188024548,
XS11880254382014) and Sematic today announced that they have agreed to
merge in order to create a leading global supplier in the elevators and
elevator components manufacturing industry. Bain Capital, as the owner of
Wittur, and The Carlyle Group and the Zappa family, as joint owners of
Sematic, have signed an agreement on the transfer of a controlling interest
in Sematic to Wittur. Carlyle and the Zappa family will retain a stake in
the combined entity.
The transaction is in the shared interests of both Wittur and Sematic,
which both bring distinct market strengths to the combined organisation.
The newly combined entity will represent one of the significant
manufacturers of components, modules and complete systems for the global
elevator industry, with a projected combined revenue of around EUR
750million in the current fiscal year and approximately 4,500 employees.
Together, Wittur and Sematic will be an even more reliable global partner
to customers delivering superior products in a steadily growing market
driven by trends such as the growth of the world population, ongoing
urbanization and the aging of society.
All sides have agreed to maintain confidentiality regarding the financial
details of the transaction which still needs to obtain approval by the
regulatory authorities.
The combined company intends to further accelerate its growth by driving a
global platform strategy, using cross-selling-opportunities, profiting from
an enlarged global sales and manufacturing footprint as well as further
broadening the product range thereby enhancing its position as supplier of
choice to both private and larger international elevator manufacturers.
Positive benefits from the new entity over the coming years are expected
from synergies arising primarily from procurement and efficiency gains. In
addition, the merged entity is intended to benefit from sharing best
PRESS RELEASE
Wittur and Sematic to merge in order to create a leading global supplier to
the elevator industry
Combined company will become one of the significant global manufacturers of
components, modules and complete systems for the elevator industry
Wiedenzhausen / Osio Sotto, 11 August 2015 - Wittur (ISIN: XS1188024548,
XS11880254382014) and Sematic today announced that they have agreed to
merge in order to create a leading global supplier in the elevators and
elevator components manufacturing industry. Bain Capital, as the owner of
Wittur, and The Carlyle Group and the Zappa family, as joint owners of
Sematic, have signed an agreement on the transfer of a controlling interest
in Sematic to Wittur. Carlyle and the Zappa family will retain a stake in
the combined entity.
The transaction is in the shared interests of both Wittur and Sematic,
which both bring distinct market strengths to the combined organisation.
The newly combined entity will represent one of the significant
manufacturers of components, modules and complete systems for the global
elevator industry, with a projected combined revenue of around EUR
750million in the current fiscal year and approximately 4,500 employees.
Together, Wittur and Sematic will be an even more reliable global partner
to customers delivering superior products in a steadily growing market
driven by trends such as the growth of the world population, ongoing
urbanization and the aging of society.
All sides have agreed to maintain confidentiality regarding the financial
details of the transaction which still needs to obtain approval by the
regulatory authorities.
The combined company intends to further accelerate its growth by driving a
global platform strategy, using cross-selling-opportunities, profiting from
an enlarged global sales and manufacturing footprint as well as further
broadening the product range thereby enhancing its position as supplier of
choice to both private and larger international elevator manufacturers.
Positive benefits from the new entity over the coming years are expected
from synergies arising primarily from procurement and efficiency gains. In
addition, the merged entity is intended to benefit from sharing best
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