EQS-News

FRIWO separates from remaining production at the Ostbevern site

EQS-News: FRIWO AG / Key word(s): Disposal/Alliance FRIWO separates from remaining production at the Ostbevern site 29.12.2023 / 10:00 CET/CEST The issuer is solely responsible for the content of this announcement. FRIWO separates from remaining production at the Ostbevern site

• New owner Private Assets takes over the Ostbevern production site and will act as a contract manufacturer for FRIWO products manufactured in Europe in the future
• Employees to be taken over by Private Assets, substantial savings potential expected at FRIWO
• Stronger focus of the FRIWO Group on core activities in the e-mobility sector
• Continued confidence for 2024 thanks to recovery of business in Europe and earnings contributions from India and the USA

Ostbevern, Dezember 29, 2023 – FRIWO – an international manufacturer of technically leading chargers and e-drive solutions – is divesting its remaining production activities at the Ostbevern site. The new owner, Hamburg-based investment company Private Assets SE & Co. KGaA, is taking over the Ostbevern production site and will act as a contract manufacturer for FRIWO products manufactured in Europe. The employees involved in these activities will be taken on by the buyer. Private Assets plans to expand the acquired production facilities by acquiring additional customers in the coming years. The parties have agreed not to disclose the purchase price. FRIWO remains strongly committed to the Ostbevern site. The other activities of the company located there, i.e. Group administration, sales and product management as well as research & development, are largely unaffected by the transaction. The land and real estate will remain in the company’s ownership.

“We are delighted to have found an ideal partner in Private Assets for our production facilities remaining in Ostbevern and the employees involved. The transaction will help FRIWO to focus more strongly on the growth areas of e-mobility and will make a noticeable contribution to improved cost efficiency from 2024. Our commitment to the Ostbevern site as a regional anchor remains strong,” commented Rolf Schwirz, CEO of FRIWO AG, on the news.