EDAG, the worldwide leading engineering service provider, is further aligning the company consequently toward a holistic engineering service provider for the mobility industry. In the course of this restructuring process, EDAG has decided to divest its subsidiary WMU.
The Company located in Hannoversch-Münden obtains as new shareholder the listed Korean leading stamping company Sungwoo Hitech.
The completion of the transaction, which underlies the common conditions, is expected for mid June 2012.
WMU is a leading, European just-in-time supplier for stamping-, drawing- and punching parts for the automotive- and consumer goods industry. WMU was acquired in 1999 by EDAG Group. Renowned car manufacturers and suppliers are customers of WMU since years. The company employs about 300 people and operates two facilities (Hann. Münden and Walvis Bay in Namibia/Africa).
EDAG CEO Jörg Ohlsen: “The strategic decision of EDAG to position itself more focused as an engineering service provider for the mobility industry, has finally tipped the scale for the sale of WMU. The global presence of Sungwoo Hitech, their economic stability and their technological leadership position in the press components business was of central importance for our decision”.
Rolf Klaas, CEO of WMU, affirms: “Our customers, the employees of WMU and the management support and welcome this decision emphatically. Sungwoo Hitech, with its ambitious growth strategy in Europe, its excellent quality management system and its strengths in roll forming, laser welding, tailor welded blanks and hydro forming is the right partner for the further expansion of WMU”.
Sungwoo Hitech was founded in 1977 and generates with currently 11.700 employees (approx. 2.100 in Korea) a turnover of approx US$2.8bn. In addition to sites in Korea, Sungwoo Hitech is also active in China, CZ Republic, Slovakia, India, Russia and Uzbekistan. The acquisition of WMU will be the first activity of Sungwoo Hitech in Western Europe and represents an important step of the Korean company to get direct access to the European and the German market in particular.
Owen Koh, President of Sungwoo Hitech and responsible for the international expansion of the Group, amends: “For Sungwoo Hitech WMU is clearly a growth platform with attractive customers, possibilities for expansion and a dedicated management team. In the future we will provide solutions to WMU customers in Asia and Eastern Europe and be able to accompany them around the globe. We will expand the existing customer basis of WMU significantly”.
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