MAN Acquires Alstom Diesel Engine Ops

Tuesday, February 22, 2000
Engineering companies Alstom of France and MAN of Germany have agreed terms for the acquisition by MAN of ALSTOM's Diesel engines business. Through this acquisition, the MAN Group will strengthen its activities in the field of large Diesel engines. MAN B&W Diesel AG, Augsburg, will take over ALSTOM Engines Ltd. of the U.K. with its brands Ruston, Paxman and Mirrlees Blackstone. ALSTOM Engines Ltd. supplies on a worldwide scale medium and high speed Diesel and gas-fueled engines with outputs ranging from 500 kW to 15,000 kW, which are primarily incorporated into fast ferries, navy and coast guard ships, luxury yachts, locomotives, power stations and packaged generator sets. Alstom Engines Ltd. employs some 1,500 persons, has an annual business volume of some 200 million euros and its business is profitable. For MAN this move represents a diversification in profitable and growing markets for high speed engines as well as valuable extension of its presence in the market for medium speed engines. In terms of output the ALSTOM range is situated above the upper end of the engine lines supplied by MAN Nutzfahrzeuge AG. The takeover is expected to yield synergies in technological development, engine programs and worldwide distribution in all areas of application. The Ruston, Paxman and Mirrlees Blackstone brands have developed excellent reputations in their respective markets and are complementary to the MAN and MAN B&W brands. The plan is to maintain the acquired business within the MAN family and to strengthen their technical and brand identities, bringing a wider range of products to a wider range of markets and place more resources at the disposal of customers. For ALSTOM the proposed deal is in line with the decision announced a year ago to divest its non-core industrial businesses, representing about 850 million euros of sales by April 2000. The announcement of this sale is another step closer to the completion of this divestment process. The acquisition is subject to the approval of MAN's Supervisory Board and of the relevant regulatory authorities. It is anticipated that the transaction will be completed in May 2000. Consultation with employees of Alstom Engines Ltd. and with key customers will commence immediately.

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