Voith has agreed to sell its group division, Voith Industrial Services, to Triton. Financial terms weren’t announced. Voith will retain a 20 percent stake in the company. Voith Industrial, a supplier of technical services for the automotive industry, employs 17,200 people and produces sale of more than 1 billion euros.
HEIDENHEIM and STUTTGART, Germany, May 9, 2016 /PRNewswire/ — The technology group Voith and funds (“Triton”) advised by the private equity company Triton have signed a contract for the sale of the Group Division Voith Industrial Services. The two sides have agreed that Triton will acquire a majority interest in the entire Group Division and continue it under a new name with new branding. Voith will retain 20 percent in the form of a financial investment and will accompany the transition. The parties have agreed not to disclose any further details of the sales contract. The completion of the sales contract is subject to approval by the relevant antitrust authorities.
Within the framework of its Group-wide success program Voith 150+, Voith had announced in 2015 that it would focus the company’s portfolio on its technology and engineering competency for the digital age. For this reason, the company has been looking for a new owner of the business covered by Voith Industrial Services and its related activities that are mainly based on the process know-how of the customers, for example in the automotive industry.
“With today’s agreement we have taken another big step within our restructuring towards making our company a shaper of digital change in the industry,” said Dr Hubert Lienhard, President and CEO Voith GmbH. “Through this sale we have cleared the way for Voith to focus on its engineering competency for the digital age and open up new opportunities.”
With some 18,000 employees worldwide and sales worth over EUR 1 billion, Voith Industrial Services is currently the world’s largest service supplier for the automotive industry. The Group Division showed very good growth during the last fifteen years under the umbrella of the Voith Group. Since then its sales have more than tripled and its business has been clearly focused on key industries and services.
Triton finances and supports the positive development of medium-size companies in northern Europe based in Germany,Switzerland, Austria and the four Nordic countries Denmark, Finland, Norway and Sweden. In this core region Triton focuses on companies in the areas industry, services, consumer goods and healthcare. The current portfolio of Triton consists of 27 companies with accumulated sales of about EUR 12 billion and a workforce of about 55,000 people.
Voith sets standards in the markets energy, oil & gas, paper, raw materials and transport & automotive. Founded in 1867, Voith employs more than 20,000 people, generates € 4.3 billion in sales, operates in about 60 countries around the world and is today one of the largest family-owned companies in Europe*.
* Excluding the discontinued Group Division Voith Industrial Services.