Vossloh concludes agreement to purchase the Kiepe Group
Another step on the way to becoming a transport technology groupWerdohl-based Vossloh AG has today signed an agreement according to which it will acquire the Kiepe Elektrik Group, Düsseldorf. The takeover allows Vossloh the possibility of selectively expanding its range of transport technology products and services. Today's deal is subject to a number of approvals including that of the Supervisory Board of Schaltbau Holding AG, the Board of Directors of LfA Förderbank Bayern, and the cartel authorities.
Kiepe specializes in the production, installation, and marketing of complete electrical component packages and parts for trams and trolleybuses. Its markets are mainly Europe, specifically Germany and Austria, its customers chiefly regional transit operators. In fiscal 2001, the Kiepe Group generated total sales of around €77 million, with some 570 employees (as of December 31, 2001). Kiepe's beneficial owners hitherto have been the Schaltbau Group (50.2 percent) and LfA Förderbank Bayern (49.8 percent).
By further expanding its railway business, Vossloh intends to evolve into a transport technology group positioned in attractive growth markets. Over the past weeks, the group has been making good progress along the realignment road: by selling the Lighting division, signing an agreement for the disposal of its around 45-percent stake in the Austrian rail switch manufacturer VAE AG, and concluding an agreement to acquire the French Cogifer Group.
Werdohl, September 14, 2002
Vossloh AG
The Executive Board