Antitrust authorities approve entry of AKKA Technologies at the MBtech Group
The antitrust authorities have approved the entry of AKKA Technologies at the MBtech Group, an internationally leading engineering and consulting company based in Sindelfingen. As of today, AKKA Technologies holds a stake of 65 percent in the MBtech Group, which was previously a 100 percent Daimler subsidiary. Daimler and AKKA Technologies will now jointly develop MBtech. The details are specified in an agreement signed by Daimler and AKKA Technologies on December 7, 2011.
“With a substantial equity interest of 35 percent, Daimler will continue to be a shareholder with a long-term and strategic involvement, as well as an important client of MBtech,” stated Prof. Dr. Thomas Weber, Member of Daimler’s Board of Management for Group Research and Mercedes-Benz Cars Development upon the closing of the transaction.
The entry of AKKA Technologies at the MBtech Group will create one of the biggest European engineering consultancies. AKKA Technologies is a listed company and is an engineering consultancy for the automotive, aeronautics, space, transport and energy sectors. In the area of aeronautics engineering, the company is already the market leader in Europe. In the future, that position will be held by AKKA Technologies and MBtech also in the automotive sector, where the Sindelfingen based company has its focus.
Together with the new majority shareholder, MBtech will broaden its competence profile outside the automotive industry and will expand its international market position in the coming years. Daimler and AKKA Technologies intend to jointly develop the company and to strengthen its competitiveness on a sustained basis. This will protect jobs at MBtech while offering new opportunities for the workforce in an expanded international environment.
AKKA Technologies employs a workforce of 7,000 people at more than 50 locations and posted a proforma revenue of 548 million euros in 2011.
The MBtech Group was established by Daimler AG in 1995. The company develops, integrates and tests automotive components, systems and modules, and employs 3,000 people at locations in Europe, North America and Asia. In the year 2011, it posted revenue of 375 million euros under currently applied accounting principals.
Credits: Daimler AG
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