Dürr Aktiengesellschaft / Key word(s): Takeover
Dürr AG strongly expands automation business with acquisition of BBS Automation
Dürr AG – WKN 556520 / ISIN DE0005565204
Bietigheim-Bissingen, June 12, 2023 — The Dürr Group (“Dürr”) acquires the BBS Automation Group, based in Garching, Germany (“BBS Automation”), thus continuing the strategic expansion of its automation technology business. Dürr expects that, as a result of the complete takeover, sales revenues in automation technology will more than double and reach around € 500 million in 2024.
In the course of the transaction Dürr acquires 100% of the shares in Rome HoldCo GmbH (Munich), the holding company of BBS Automation. The seller is a consortium led by financial investor EQT.
The enterprise value of BBS Automation is between €440 million and €480 million and depends on the earnings development in 2023. Financing of the transaction will be provided from cash flow as well as through existing financing instruments and a bridging loan.
The founder Josef Wildgruber will continue to manage BBS Automation. The purchase agreement signed today is subject especially to competition-law clearance of the acquisition and other regulatory prerequisites. Its completion and initial consolidation are planned for the end of the third or beginning of the fourth quarter of 2023.
In 2023, BBS Automation is expected to achieve sales of around €300 million. Around 55% are expected to be generated from automation technology for the production of automotive components (particularly e-mobility) and about 20% from production systems for medical devices. Another focus sector are consumer goods.
The Dürr Group’s business figures for 2023 will not be materially impacted by the acquisition. Solely the forecast for the net financial status as of December 31, 2023 changes in line with the enterprise value of BBS Automation and now stands at €-490 to €-540 million (before: €-50 to €-100 million).
In addition to BBS Automation, the automation technology business segment also includes the companies Teamtechnik and Hekuma, which were acquired in 2021. BBS Automation is expected to grow profitably within the Dürr Group. For 2026, sales of €400 million to €450 million and an EBITDA margin of 13% to 15% are expected. Consequently, the acquisition is fully in line with the Dürr Group’s growth and earnings targets.
End of Inside Information
Information and Explanation of the Issuer to this announcement:
The Dürr Group is one of the world's leading mechanical and plant engineering firms with extensive expertise in automation, digitalization and energy efficiency. Its products, systems and services enable highly efficient and sustainable manufacturing processes in different industries. The Dürr Group primarily supplies the automotive industry, producers of furniture and timber houses as well as the chemical, pharmaceutical, medical devices and electrical engineering sectors. It generated sales of €4.3 billion in 2022. The company has about 18,700 employees and 123 business locations in 32 countries. The Dürr Group operates in the market with the brands Dürr, Schenck and HOMAG and with five divisions:
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|EQS News ID:||1655149|
|End of Announcement||EQS News Service|