MANN+HUMMEL Sells U.S. Subsidiary Universal Dynamics
LUDWIGSBURG, Germany--(BUSINESS WIRE)--As part of its targeted growth strategy for North America, MANN+HUMMEL, development partner and original equipment supplier to the international automotive and mechanical engineering industries, sold its U.S. subsidiary, Universal Dynamics, on September 29, 2008 to Piovan of Italy.
Universal Dynamics is one of the leading American manufacturers of equipment for the plastics processing industry, recording sales of approximately US$27.1 million in 2007 and employing 120 people. Piovan, based in Santa Maria di Sala, Italy, is a strategic investor in the plant engineering sector for the plastics processing industry who would like to expand in the U.S. For MANN+HUMMEL, this sale represents an important step towards concentrating on core business in the NAFTA region.
The consolidated balance sheet has been strengthened by this sale, and it also will enable MANN+HUMMEL to make further investments for steady growth in North America.
"Our objective is to become one of the top three suppliers of filters in North and South America," said Dr. Dieter Seipler, CEO of the MANN+HUMMEL Group. "We have thus specifically extended our automotive activities in this region since 1997."
MANN+HUMMEL currently is expanding development, testing and production capacities in Portage, Mich., and South Bend, Ind., as well as in Queretaro, Mexico, focusing on filtration of diesel, gasoline, engine and transmission oils for passenger cars and for the off-road and heavy duty segments.
Universal Dynamics has been part of the MANN+HUMMEL Group since 1995, reporting to MANN+HUMMEL ProTec's head office in Bensheim, Germany. The strategic basis for the acquisition at that time was to expand business investments in the PVC and compounding sectors.
Effective October 1, 2008, the German company MANN+HUMMEL ProTec, which also manufactures equipment and systems for the plastics processing industry in Europe, will be further extended following integration into the industrial filters division as a separate business area.
About MANN+HUMMEL
The MANN+HUMMEL Group is a development partner and original equipment supplier to the international automotive and mechanical engineering industries. Employing 11,500 people at 41 locations world-wide, the company achieved turnover of US$2.8 billion in 2007. The Group's product portfolio includes air filter systems, intake manifold systems, liquid filter systems, cabin filters and cylinder head covers made of plastic with many integrated functions for the automotive industry, as well as filter elements for vehicle servicing and repair. For general engineering, process engineering and industrial manufacturing sectors the company's product range includes industrial filters, a series of products to reduce carbon emission levels in diesel engines, filter systems and materials handling systems and equipment. Further information about MANN+HUMMEL can be found under http://www.mann-hummel.com.
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