Source: Knorr-Bremse announcement

MUNICH — The Executive Board of Knorr-Bremse AG has decided to stop pursuing a potential acquisition of a majority stake in HELLA GmbH & Co. KGaA.

Following careful analysis, the Executive Board determined that the possible transfer of key technologies and products to its own product portfolio would not result in the realization of the expected synergies.

The Executive Board of Knorr-Bremse AG is continuously evaluating strategic options for the further development of the Group. The primary focus remains organic growth and the Company continues to explore opportunities to increase the value of the Company through acquisitions or partnerships.

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Knorr-Bremse Seeking Control of Hella

“We have always considered opportunities for value-enhancing transactions with leading international companies, which is why we looked at HELLA. However, we did not see the necessary synergies in the potential transfer of competencies, particularly in the commercial vehicle sector. As a result, we determined that this acquisition would not create sufficient additional value for our shareholders,” said Jan Mrosik, CEO of Knorr-Bremse AG. “Knorr-Bremse has a clear strategy based on profitable growth and a resilient business model. We will continue on our path of sustainable growth as a successful leading system supplier in the future.”

About Knorr-Bremse

Knorr-Bremse (ISIN: DE000KBX1006, ticker symbol: KBX) is a global market leader for braking systems and a leading supplier of other safety-critical rail and commercial vehicle systems. Knorr-Bremse’s products make a decisive contribution to greater safety and energy efficiency on rail tracks and roads around the world.

Approximately 29,700 employees at more than 100 sites in more than 30 countries use their competence and motivation to satisfy customers worldwide with products and services.

In 2020, Knorr-Bremse’s two divisions together generated revenues of €6.2 billion.

For 115 years the company has been the industry innovator, driving innovation in mobility and transportation technologies with an edge in connected system solutions. Knorr-Bremse is one of Germany’s most successful industrial companies and profits from the key global megatrends: Urbanization, sustainability, digitalization and mobility.