Acquires segments of technical facility systems unit of Krantz TKT Group
M+W Zander is acquiring segments of the technical facility systems unit of the Krantz TKT Group, a subsidiary of Babcock Borsig AG
Krantz TKT is one of M+W Zander´s greatest competitors on the technical facility systems market and as a technical general contractor. In addition to this area of core expertise M+W Zander is acquiring Krantz´s clean systems activities and key segments of its research and development unit as well as its ventilation system component production. M+W Zander is provisionally taking on a total of 1150 employees and a projected sales volume of approximately 300 million euros for the next fiscal year, subject to the approval of the German Federal Cartel Office. With the consolidation of business activities, M+W Zander will not rule out the possibility of personnel-related measures subsequent to the acquisition of the Krantz units. M+W Zander anticipates that some 300 jobs will have to be eliminated. "Both parties have agreed to maintain secrecy concerning the amount being paid for the acquisition," according to a statement. "The Jenoptik Group will not take advantage of any state aid in the form of guarantees or the like for this acquisition." The client structure and geographic presence of M+W Zander and Krantz TKT complement each other well, says Lothar Spath, chairman of Jenoptik AG's Executive Board. "This will secure around 850 jobs as well," he adds. Spath says the acquisition of segments of its former competitor will provide M+W Zander access to building system technologies and components which were previously not available to the company itself, particularly in the areas of ventilation and fire protection systems. M+W Zander will make intensive use of Krantz TKT's long established expertise in new business fields such as photovoltaics, pharmaceuticals and biomass power plants.