euro adhoc: Rosenbauer International AG
Joint
Ventures/Cooperation/Collaboration
Stake in Chinese 50% joint venture sold to
existing partner
Successful export business from Austria and Germany is set to continue
Group revenue and result forecast fo
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
15.01.2009
With effect from year-end 2008, it has been decided to dispose of ROSENBAUER´s stake in ROSENBAUER YongQiang - the 50 % joint venture established in Dongguan, Guangdong Province, in 2005 - to the existing Chinese partner. The approval proceedings for transferring the stake have now been commenced with the Chinese authorities.
The business model envisaged the production of high-quality ROSENBAUER standard vehicles for the local Chinese market. However, it has not proved possible to achieve market acceptance of this higher level of quality and of the higher price it entails, with the result that the strategic objectives and profit expectations have not been attained.
The disposal of this joint-venture stake, for a purchase price of one euro, will allow the Chinese partner to respond more flexibly to local quality and price levels. From now on, the company will be producing under a new name and no longer marketing its products under the ROSENBAUER brandname.
ROSENBAUER will of course be continuing its long and successful track record of exporting Austrian and German-made special-purpose vehicles and aerial appliances to China for airports, industry and municipalities.
The disposal of the 50 % stake in the Chinese joint venture is not expected to affect the Group´s 2008 revenue and EBIT forecasts, which still foresee top and bottom-line increases of >15 % in both cases. In 2007, EBIT of Mio. 30.8 EUR was generated on revenues of Mio. 426.1 EUR.
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Rosenbauer International AG
Mag. Gerda Königstorfer
Tel.: 0732/6794-568
gerda.koenigstorfer@rosenbauer.com
Branche: Machine Manufacturing
ISIN: AT0000922554
WKN: 892502
Index: WBI, ATX Prime
Börsen: Börse Berlin / free trade
Börse Stuttgart / free trade
Wiener Börse AG / official dealing
Original-Content von: Rosenbauer International AG, übermittelt durch news aktuell