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EANS-News: ElringKlinger acquires additional interests in Chinese subsidiary Changchun ElringKlinger Ltd.

Stuttgart, Dettingen/Erms, (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
merger, acquisition and takeover
July 1, 2009  +++
MDAX-listed ElringKlinger AG is strengthening its position in China 
and has acquired an additional 10.0% ownership interest in the 
subsidiary Changchun ElringKlinger Ltd. from the state investment 
company State Machinery, Electronics, Light and Textile Industry 
Investment Corporation, Changchun. The increase in ElringKlinger's 
ownership interest to now 88.0% was executed effective from June 30, 
2009, following entry in the Companies Register and the conclusion of
the official authorization procedure by the competent supervisory 
authority.
Changchun ElringKlinger Ltd. generated sales revenue of approx. EUR 
16 million in 2008 and achieved an operating margin within the lower 
double- digit range. The company had already been included within the
consolidated group prior to the latest transaction. Both parties 
agreed not to disclose details of the exact purchase price. It was 
within the lower single-digit million range. The company supplies 
Chinese automobile manufacturers with cylinder-head and specialty 
gaskets, as well as thermal shielding components and plastic housing 
modules for engines and transmission systems.
The Chief Executive Officer of ElringKlinger AG, Dr. Stefan Wolf, is 
confident of the prospects for growth within the Asian region: "Given
the weakness of the European and North American automotive markets, 
over the coming years a sizeable part of growth within our industry 
will be attributable to the Asian markets. With this in mind, we have
established a strong position in China and India in particular but 
also in Korea and Japan. In China, as the leading supplier of flat 
gaskets, we already offer our full product range from local 
manufacturing facilities."
ElringKlinger had further reinforced its position in China through 
its acquisition of the SEVEX Group. Located in the south of the 
country, the subsidiary ElringKlinger China, Ltd. in Suzhou - a 
former SEVEX company - is now the second production facility operated
by the ElringKlinger Group in China. Furthermore, the ElringKlinger 
Group commenced production at its first Indian-based facility in 
Ranjangaon, near Pune, in early 2008. The company's customer base 
already includes the majority of Indian and Chinese vehicle 
manufacturers.
end of announcement                               euro adhoc

Further inquiry note:

ElringKlinger AG
Corporate Communications / Investor Relations
Stephan Haas
Max-Eyth-Straße 2
72581 Dettingen
Fon: +49 (0)7123-724-631
Fax: +49 (0)7123-724-641
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

Plus de actualités: ElringKlinger AG
Plus de actualités: ElringKlinger AG