Posted to News on 30th Dec 2015, 15:42
Bonfiglioli and Carraro enter JV agreement re O&K Antiebstechnik
O&K Antriebstechnik, a specialist in the design and manufacture of gearboxes for high-power machines and crawler cranes, is now under the control of Bonfiglioli. The Carraro Group maintains a 45 per cent share, assuming a strategic role within the partnership. Bonfiglioli extends its range with products for higher power applications, whereas Carraro further focuses on transmission systems for agricultural and construction equipment.
An important agreement aimed at developing the German company O&K Antriebstechnik owned by Carraro Group, specialising in the design and manufacture of components (planetary gears) for track machines and cranes, mining machines and marine applications, was presented today in Milan by Sonia Bonfiglioli, Bonfiglioli Riduttori SpA Chairman, and by Enrico Carraro, Carraro SpA Chairman.
According to this agreement, which sees two of the most historic Italian industrial families in the mechanical sector join forces, Bonfiglioli acquires 55 per cent of O&K Antriebstechnik GmbH for EUR 25.7 million. Carraro maintains a strategic role as a key partner in the delivery of specific components, with 45 per cent of shares.
From the industrial standpoint, Bonfiglioli extends its range with products for higher power applications that can be exploited by its extensive sales network, whereas the Carraro Group will be able to further concentrate on developing innovative products - especially transmissions - specifically designed for agricultural and construction equipment.
Enrico Carraro, Carraro SpA Chairman, says: "The agreement with Bonfiglioli is a great industrial story, which sees two Italian companies join forces in a real partnership approach with a view to mutual development. This is a key step in the fulfilment of a strategic programme initiated in recent months. A few weeks ago the holding company Finaid announced its availability for a capital increase in support of the new three-year plan and to strengthen the business; today we are confirming our desire to further focus on the core business of transmission systems, while forging a strategic alliance that will bring us benefits in the medium term."
Sonia Bonfiglioli, Bonfiglioli Riduttori SpA Chairman concludes: "For us this is the second very important agreement signed between our Group and a major Italian company in just one year. In 2014, in fact, we announced the acquisition from a leading Italian company of the product lines dedicated to electromobility currently integrated at the plant in Forl. Today, thanks to the partnership put in place with Carraro, we acquire the majority of O&K Antriebstechnik GmbH, one of the most respected companies in the world in the field of heavy duty gearboxes. This latter operation is targeted at completing our product range with applications on high power machines such as earth moving, construction and mining machines, as well as machines for the marine, port and airport sectors, thus extending the area of global leadership of Bonfiglioli in the transmission and power control field."
In addition to the sale of 55 per cent of O&K Antriebstechnik GmbH share capital, the agreement to the parties having some pre-emptive rights to buy or sell the remaining 45 per cent stake is exercisable by 30 September 2020 following fixed price-setting mechanisms.
The transaction is subject to, among other things, obtaining antitrust authorisations, and the payment of the fee is to be established in cash at closing, expected by 30 December 2015. Carraro will reserve the usual rights of governance to protect the minority, including the appointment of an administrator provided with some veto rights.
As part of the transaction, the signing of several commercial and service agreements between O&K Antriebstechnik GmbH and both Carraro Group and Bonfiglioli Group companies is expected. To learn more about the agreement please go to www.bonfiglioli.com.
