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EANS-News: ElringKlinger Group acquires majority stake in Turkish company

Dettingen/Erms (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Mergers - Acquisitions - Takeovers
(Germany) / Bursa (Turkey), October 27,
2009  +++ The ElringKlinger Group has acquired a 90% interest in the 
Turkish automotive supplier Ompa? S.A., based in Bursa, thereby 
strengthening its position with a company-controlled production unit 
in the burgeoning Turkish automobile market.
New production company in Turkey The agreement on the acquisition of 
shares was completed on October 27, 2009, following the conclusion of
negotiations with the owner family. Thus, the takeover became 
effective immediately. The former owner has retained an interest of 
10%.
The purchase price - including liabilities incurred by Ompa? - is 
towards the lower end of the single-digit million range. Employing 45
people, the company generated sales revenue of approx. EUR 3 million 
in 2008. The operating margin is within the single-digit range. The 
core products manufactured by Ompa? are heat shields for the thermal 
shielding of a vehicle's engine, transmission and exhaust tract. 
Additionally, the portfolio comprises metal components and wheel 
rims. Among others, the company's customer base includes BMC, vehicle
producer and Fiat importer Tofas as well as Ford Otosan.
In future, the enterprise will presumably trade under the name of
ElringKlinger Türkei, S.A.
Numerous contracts from Turkish vehicle manufacturers ElringKlinger 
has received significant orders from international vehicle 
manufacturers - principally from Asia - with production facilities in
Turkey as well as from the Turkish automotive industry, thus 
necessitating a local production base. In acquiring Ompa?, 
ElringKlinger has created a fast-track opportunity to establish 
domestic operations with its own production enterprise. For this 
purpose, the facility in Bursa is to undergo further expansion, 
including additional automated systems. Beyond shielding technology, 
the portfolio marketed in Turkey is to be extended to include other 
product groups. In the next three years, the new Turkish subsidiary 
will be looking to expand its revenue to over EUR 10 million.
The Turkish automobile market is expected to generate solid growth in
the coming years, not least because of Turkey's favorable age 
demographics, with a very young population. Whereas Europe has 307 
cars per 1000 inhabitants, Turkey currently numbers just 95. On this 
basis, ElringKlinger sees solid potential for growth.

Further inquiry note:

For further information, please contact:
ElringKlinger AG Corporate Communications/Investor Relations
Stephan Haas
Max-Eyth-Straße 2
72581 Dettingen
Phone +49 (0)7123/724-137

E-mail: stephan.haas@elringklinger.de

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

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