Continental AG Sells Stankiewicz GmbH
ContiTech strengthens its strategic position - New opportunities presented by new owner Gilde Buy-Out Fund
Hanover - Continental AG, Hanover, has sold Stankiewicz GmbH to the Dutch investor Gilde Buy-Out Fund, Utrecht, Netherlands, effective retroactively to January 1, 2006. The two parties have agreed not to disclose the purchase price. Stankiewicz belonged to the ContiTech division of Continental AG and was taken over by Continental as a part of Phoenix AG in 2004.
"ContiTech is reorienting its core business activities, which is why we decided to sell Stankiewicz GmbH," says Gerhard Lerch, Executive Board chairman of ContiTech AG. "This move will have a positive impact for Stankiewicz as well."
The company, based in Adelheidsdorf near Hanover, is a manufacturer of complete sound insulation systems for reducing external and internal noise on cars and commercial vehicles. In recent years, the company has developed into an international automotive supplier with nine plants in six countries. The company has a workforce of approximately 2,100 employees worldwide and posted sales of 270 million euros. The general manager of Stankiewicz, Dr. Oliver Hafner, views the sale positively: "We are very confident that, together with Gilde, we are well prepared for the challenges we will face in the coming years. Vehicle acoustics will play an increasingly important role, which presents Stankiewicz with excellent opportunities for further growth."
Ralph Wyss, managing director of Gilde's office in Zurich, where the transaction was managed, said: "We wish to welcome Stankiewicz to the Gilde organization. The purchase is an important step in the expansion of our activities in the automotive sector. Rising demands on comfort will continue to provide innovative companies such as Stankiewicz with good possibilities to sell high-quality acoustics solutions in the future."
The sale is also subject to approval by the appropriate antitrust authorities and the supervisory board of Phoenix AG.
The Continental Corporation is a leading supplier of brake systems, chassis components, vehicle electronics, tires and technical elastomers. In 2004 the corporation realized sales of EUR12.6 billion. At present it has a worldwide workforce of more than 81,000.
Gilde Buy-Out Fund – Private equity in continental Europe
The Gilde Buy-Out Fund is managed by Gilde Buy Out Partners, a leading private equity investor from the Netherlands. It specializes in management buy-out investments in continental Europe. With offices in Utrecht, Paris and Zurich, Gilde manages a total volume exceeding EUR1.5 billion and has invested in more than 200 companies since it was founded in 1982.
Gilde Buy Out Partners AG, Zurich
Ph.: +41 43 268 20 31
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