MAN Group sells aerospace subsidiary MAN Technologie to OHB
The MAN Group has sold its Augsburg-based aerospace subsidiary, MAN Technologie AG, to OHB Technology AG, Bremen and the technology investment company, Apollo Capital Partners GmbH, Munich. The relevant agreement with MAN AG on purchase of all the shares was signed today, Wednesday, 1 June. In future, the company will trade under the name of MT Aerospace AG, Augsburg. As a result of this significant step, MAN has now come very close to achieving its acknowledged goal of focusing on the five core areas of Commercial Vehicles, Industrial Services, Printing Systems, Diesel Engines and Turbomachines.
In 2004, MAN Technologie generated sales of around 100 million Euro and presently employs some 450 people. Operating mainly as a supplier to the European ARIANE 5 programme, this aerospace specialist will supplement the range of products offered by OHB‘s strongest division, Space and Safety. OHB Technology is also active in the sectors of telematics and satellite services. OHB intends to continue to develop and expand the business activities operated by MT Aerospace. Hakan Samuelsson, Executive Board Chairman of MAN AG, expressed his satisfaction at being able to hand over MAN Technologie to a partner offering better opportunities for the company‘s ongoing development: "We have now reached our goal of handing over MAN Technologie to a group whose core operations focus on aerospace technology."