MAN acquires 100% Pielstick stock

06 Oct 2006

MAN Diesel SE, Augsburg, has taken over from MTU Friedrichshafen GmbH the remaining 33.4% share of the French Diesel engine manufacturer S.E.M.T. Pielstick S.A., headquartered in Villepinte near Paris. The acquisition and the transfer of the shares become effective as of 1st January 2006 retrospectively. Both parties agreed not to disclose the value of the transaction.

With this step MAN Diesel enhances its capacity in the market for medium-speed engines. S.E.M.T. Pielstick S.A. has 673 employees at the three French locations Villepinte, Saint-Nazaire and Jouet sur l? Aubois and achieves annual sales of ?154 million (figures for fiscal year 2005). Since 1988 S.E.M.T. has been jointly run by MTU and MAN, first as a 50:50% joint venture and since the beginning of 1998 in an arrangement in which MAN Diesel has held two thirds and MTU Friedrichshafen one third of the shares.
With the disposal of its shares in S.E.M.T. Pielstick, MTU Friedrichshafen GmbH will concentrate on its forward-looking core business in the field of high-speed engines and will serve the market with products from its own portfolio.

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