|By PR Newswire||
|December 27, 2012 11:54 PM EST||
WEIFANG, China, Dec. 28, 2012 /PRNewswire/ --
- Weichai Power has joined KKR and Goldman Sachs Capital Partners as an anchor investor in KION with a 25% stake via capital increase
- EUR 671 million shareholder loan of KION converted into equity
- Weichai Power now the majority shareholder of Linde Hydraulics
- Linde Material Handling GmbH completes carve-out of Linde Hydraulics business and all 1,400 LHY employees agree to transfer to the new entity
- Aschaffenburg-based Linde Hydraulics business to move into new dedicated plant in 2015
- Supervisory board of KION to reflect new shareholder structure
- With sound organization structure, Linde Hydraulics can operate independently
Weichai Power Co., Ltd. ("Weichai Power"), KION Holding 1 GmbH ("KION") and their respective subsidiaries (together with KION the "KION Group") and the shareholders of KION today successfully closed and supplemented their strategic partnership, which was first announced on 31 August 2012. Weichai Power, a leading Chinese automotive and equipment manufacturer and part of the Shandong Heavy Industry Group ("SHIG"), and KION Group, one of the world's leading manufacturers of industrial trucks, intend to strengthen their industrial base in the European markets, create additional opportunities for expansion for their Asia-Pacific businesses and build a platform for future joint growth.
Weichai Power, through its Luxembourg based subsidiary Weichai Power (Luxembourg) Holding S.à.r.l., acquired a 25% stake in KION by way of a capital increase, making it an anchor investor in KION Group alongside KKR and Goldman Sachs Capital Partners. In addition, Weichai Power now holds a 70% majority stake in Linde Hydraulics GmbH & Co. KG ("Linde Hydraulics"), which comprises the carved-out former hydraulics business activities of Linde Material Handling GmbH. The remaining 30% continue to be held by Linde Material Handling GmbH. In addition to the existing call option enabling Weichai Power to increase its shareholding in KION to 30% on a fully diluted basis upon the completion of a potential future IPO, the parties agreed to grant Weichai Power a further option to acquire an additional 3.3% stake in KION from the current shareholders until 30 June 2013 or within three months after completion of a potential future IPO. If Weichai holds at least 33.3% of KION, the parties will support the election of a Weichai Power representative to Chairman of the Supervisory Board of KION.
For Weichai Power, venturing into the world's leading forklift and high-end hydraulic fields has brought about clear improvements to the structure of its corporate product division, as well as to its upgrading of enterprise products. In addition, there is greater rationalization of its corporate global strategic business structure.
For KION Group, the strategic partnership with Weichai Power provides additional access to key Asian growth markets as it will leverage Weichai Power's strong local roots and relationships. KION Group will also have access to a larger supplier base throughout China and Europe.
Following the successful carve-out, the hydraulics business of Linde is now being operated and managed by the independent company Linde Hydraulics. Weichai Power holds 70% in Linde Hydraulics through a subsidiary, while Linde Material Handling GmbH retains a 30% minority stake in the newly formed company. Linde Hydraulics continues to market its products under the Linde trademark. The existing Strategic Sales Agreement between Linde Hydraulics and Eaton Corporation, which has been reasonably amended, remains in place. Through its partnership with Weichai Power, Linde Hydraulics will gain additional scale and will improve its ability to adapt in a changing market environment and amid increasingly intensive competition. Linde Hydraulics will leverage Weichai Power's complementary products and technologies in an effort to exploit untapped market potential, particularly in the growing Asia region.
Weichai Power has invested a total of EUR 738 million, including EUR 467 million paid in to acquire its 25% stake in KION through a capital increase and EUR 271 million paid to Linde Material Handling GmbH for its 70% majority stake in Linde Hydraulics. Proceeds from this transaction will further strengthen KION Group's capital structure. A large portion of the proceeds will be used for repaying outstanding debt under KION Group's senior facilities. In addition to the received cash proceeds, an outstanding EUR 671 million shareholder loan granted by the shareholders to KION that would have matured in 2021 was converted into equity in connection with the closing.
Tan Xuguang, Chairman and CEO of Weichai Power, said: "Our teams have done a tremendous job in closing this transaction in a very short timeframe, and have thus helped our strategic partnership get off to an encouraging start. We will now make an immediate start to implementing our common growth strategy in the area of hydraulics. The new Aschaffenburg-based Linde Hydraulics plant is set to start operations in 2015. Also, teams from Linde Hydraulics and Weichai Power have already started to explore a wide range of applications for Linde Hydraulics technologies in Weichai Power products. Our options to increase our overall shareholding in KION up to 33.3% demonstrate our strong commitment to the common goals of KION Group and Weichai Power."
Gordon Riske, CEO of KION Group, said: "The closing of this long-term strategic partnership is a milestone in our strategy to continuously expand our forklift truck business in the growing Asian and Chinese markets. Moreover, the additional enhancement of our capital structure provides exciting opportunities with which we can build on our growth strategy. Our teams have successfully completed all of the more than 3,000 action items in less than four months. This is a considerable achievement which highlights our exceptional execution capabilities and spirit that the two partners share."
Johannes Huth, Member & Head of KKR Europe, and Alexander Dibelius, Head of Goldman Sachs Germany, Austria and Central and Eastern Europe, added: "We very much look forward to the additional growth opportunities this partnership brings to KION to continue its highly successful development trend over the past years. This strategic partnership is part of our strategy to further enhance KION Group's global business presence so as to exploit the vast market opportunities in markets outside Europe."
The long-term strategic partnership between Weichai Power and KION Group will also be reflected in the governance structure of KION and Linde Hydraulics.
Jiang Kui, President of Shandong Heavy Industry Group and Director of Weichai Power, will join the Supervisory Board of KION, which will continue to be led by Chairman John Feldmann. Jiang will succeed Michael Süß, member of the executive board of Siemens AG, who will leave the KION Supervisory Board. All other members of the Supervisory Board of KION will retain their current positions.
The Supervisory Board of the newly established Linde Hydraulics will consist of Jiang Kui (Chairman), Sun Shaojun and Jeffrey Chen, all of whom were nominated by Weichai Power, as well as Theodor Maurer, who was nominated by Linde Material Handling, and who will ensure full continuity in the business relationship between Linde Hydraulics and Linde Material Handling as one of the continued key customers of Linde Hydraulics. The respective employee representatives have yet to be nominated.
Jörg Ulrich (Speaker of the Management Board and Head of Finance and Administration, age 42), Steffen Appel (Head of Operations, age 45), and Thorsten Van der Tuuk (Head of Products and Markets, age 56) have been appointed to the Management Board of Linde Hydraulics.
About Weichai Power
Weichai Power Co., Ltd. (2338HK/000338SZ) is a leading automotive and equipment manufacturing group in China. It operates in three main business segments: power assembly (including engines, gear boxes and axles), commercial vehicles, and automobile electronics and parts, encompassing one of the most comprehensive product ranges in the industry. Weichai Power has the highest sales volume globally in high-speed heavy-duty engines and heavy-duty gearboxes. Its spark plug products enjoy the largest market share in China, and its heavy-duty axle products are considered a top brand in China. The company also ranks No. 4 in heavy duty trucks in China. The company was listed on Hong Kong Stock Exchange in 2004 and on Shenzhen Stock Exchange in 2007. In 2011, Weichai Power generated revenue of RMB 60 billion (about USD 9.5 billion or EUR 7.5 billion) and a net profit of RMB 5.6 billion (about USD 900 million or EUR 700 million). At the end of 2011, Weichai Power has approximately 42,000 employees globally.
About Shandong Heavy Industry Group
Shandong Heavy Industry Group is one of the most comprehensive leading industrial equipment manufacturers in China, with two complete industrial chains of the highest quality commercial vehicles and construction machinery. The Group has four listed subsidiaries, including Weichai Power (2338HK/000338SZ), Weichai Heavy Machinery (000880SZ), Yaxing Motor Coach (600213SH), and Shantui Construction Machinery (000680SZ), which is the largest bulldozer producer in the world. In 2011, the Group generated revenue of RMB 122.5 billion (about USD 19.4 billion or EUR 15.4 billion) and a profit of RMB 8.6 billion (about USD 1.4 billion or EUR 1.1 billion), with 60,000 employees worldwide.
About KION Group
KION Group - comprising the six brands Linde, STILL, Fenwick, OM STILL, Baoli and Voltas - is Europe's market leader in industrial trucks, the global number two in the industry and the leading non-domestic supplier in China. The Linde and STILL brands serve the premium segment worldwide. Fenwick is the largest supplier of material handling products in France, while OM STILL is a market leader in Italy. The Baoli brand focuses on the economy segment, and Voltas is one of the two market leaders in India. In 2011, KION Group employed roughly 22,000 people and generated revenue of around EUR 4.4 billion.
Disclaimer Weichai Power
This press release contains forward-looking statements involving known and unknown risks, uncertainties and other factors, many of which are outside the control of the Weichai Power Co., Ltd. ("Weichai Power"), are difficult to predict and may cause future developments to differ significantly from assumed developments as expressed or implied in the forward-looking statements in this press release. Any liability (including in respect of direct, indirect or consequential loss or damage) of any member of Weichai Power with a view to the information contained in this press release is expressly disclaimed. This press release does not purport to contain all of the information that may be required to evaluate any proposed transaction, and any recipient hereof should seek its own legal, accounting and other relevant professional advice. No member of Weichai Power undertakes any obligation or expects to update or revise this press release, including forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise.
Disclaimer KION Group
This press release contains forward-looking statements involving known and unknown risks, uncertainties and other factors, many of which are outside the control of KION Group ("KION"), are difficult to predict and may cause future developments to differ significantly from assumed developments as expressed or implied in the forward-looking statements in this press release. Any liability (including in respect of direct, indirect or consequential loss or damage) of any member of KION with a view to the information contained in this press release is expressly disclaimed. This press release does not purport to contain all of the information that may be required to evaluate any proposed transaction, and any recipient hereof should seek its own legal, accounting and other relevant professional advice. No member of KION is under any obligation or expectation to update or revise this press release, including forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise.
SYS-CON Events announced today that On the Avenue Marketing Group, a sales and marketing firm that utilizes events to market and sell products to consumers, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. On the Avenue Marketing Group (OTA) is a sales and marketing firm that utilizes events to market and sell products to consumers. On behalf of our clients, we attend thousands of fairs, festivals, expos, concerts, conferences, and sporting events annually, helping them reach millions of individuals ...
Apr. 26, 2015 07:30 PM EDT Reads: 3,507
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
Apr. 26, 2015 07:00 PM EDT Reads: 2,892
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Apr. 26, 2015 05:00 PM EDT Reads: 4,492
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable older adults to live independent lives while staying connected to loved ones. M2M will continue to gr...
Apr. 26, 2015 03:00 PM EDT Reads: 1,535
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Apr. 26, 2015 03:00 PM EDT Reads: 2,515
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will meet your customers' needs of tomorrow - today! Ciqada. Let your products take flight. For more inform...
Apr. 26, 2015 03:00 PM EDT Reads: 1,934
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
Apr. 26, 2015 02:00 PM EDT Reads: 2,752
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) application providers dating back to 2004. Cybozu's kintone.com is a leading global BYOA (Build Your O...
Apr. 26, 2015 02:00 PM EDT Reads: 1,579
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provides a high level technical overview of many cloud services available to mobile app developers, includi...
Apr. 26, 2015 02:00 PM EDT Reads: 1,429
SYS-CON Events announced today that BroadSoft, the leading global provider of Unified Communications and Collaboration (UCC) services to operators worldwide, has been named “Gold Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BroadSoft is the leading provider of software and services that enable mobile, fixed-line and cable service providers to offer Unified Communications over their Internet Protocol networks. The Company’s core communications platform enables the delivery of a range of enterprise and consumer calling...
Apr. 26, 2015 01:30 PM EDT Reads: 2,562
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of Cloud and Mobile Strategy at GENBAND, will explore what is needed to take a real time communications ...
Apr. 26, 2015 01:00 PM EDT Reads: 1,801
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
Apr. 26, 2015 12:00 PM EDT Reads: 2,329
WebRTC is an up-and-coming standard that enables real-time voice and video to be directly embedded into browsers making the browser a primary user interface for communications and collaboration. WebRTC runs in a number of browsers today and is currently supported in over a billion installed browsers globally, across a range of platform OS and devices. Today, organizations that choose to deploy WebRTC applications and use a host machine that supports audio through USB or Bluetooth can use Plantronics products to connect and transit or receive the audio associated with the WebRTC session.
Apr. 26, 2015 12:00 PM EDT Reads: 1,913
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to offer disruptive APIs to developers.
Apr. 26, 2015 12:00 PM EDT Reads: 1,869
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
Apr. 26, 2015 12:00 PM EDT Reads: 1,678
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications Unified Communications Suite gives CSPs the capability to do just that. In addition, its integration ...
Apr. 26, 2015 11:30 AM EDT Reads: 4,429
SYS-CON Events announced today that Litmus Automation will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Litmus Automation’s vision is to provide a solution for companies that are in a rush to embrace the disruptive Internet of Things technology and leverage it for real business challenges. Litmus Automation simplifies the complexity of connected devices applications with Loop, a secure and scalable cloud platform.
Apr. 26, 2015 11:00 AM EDT Reads: 1,758
In 2015, 4.9 billion connected "things" will be in use. By 2020, Gartner forecasts this amount to be 25 billion, a 410 percent increase in just five years. How will businesses handle this rapid growth of data? Hadoop will continue to improve its technology to meet business demands, by enabling businesses to access/analyze data in real time, when and where they need it. Cloudera's Chief Technologist, Eli Collins, will discuss how Big Data is keeping up with today's data demands and how in the future, data and analytics will be pervasive, embedded into every workflow, application and infra...
Apr. 26, 2015 11:00 AM EDT Reads: 1,478
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, will provide some practical insights on what, how and why when implementing "software-defined" in the datacenter.
Apr. 26, 2015 11:00 AM EDT Reads: 1,633
SYS-CON Media announced today that @ThingsExpo Blog launched with 7,788 original stories. @ThingsExpo Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @ThingsExpo Blog can be bookmarked. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago.
Apr. 26, 2015 11:00 AM EDT Reads: 2,573