Man Group to Merge Two Major Companies of Diesel and Turbine Companies

MAN SE announced on July 14 that its two subsidiary companies, MAN Diesel SE (hereinafter referred to as "Man Diesel"), and MAN Turbo AG (hereinafter referred to as "Man Turbo") will further strengthen their cooperation and eventually merge. Composed of Man Power Engineering (Power Engineering).

Mang did not give a specific timetable for the merger, but said that the two companies' products are complementary. After the merger, they will achieve further growth and cost optimization, and will gain a higher market share in their respective fields.

Man Diesel Engine Co., Ltd. mainly produces high-power diesel engines for ships and power plants. Man Turbomachinery produces compressors, gas turbine engines, and steam turbine engines. After the merger, the two companies will form a new company with annual sales of about 4 billion euros (about 5.28 billion U.S. dollars) and 1,200 employees worldwide, and be able to provide customers with such products as turnkey DCC power plants (Diesel Combined Cycle) and marine diesel engines. Heat recovery system and other product portfolios. The new company headquarters will be located in Augsburg, Germany. Now, the headquarters of MAN Diesel and MAN Turbo are located in Augsburg and Oberhausen, Germany.

Man existing four subsidiaries: MAN Nutzfahrzeuge (Man Commercial Vehicle Corporation), MAN Diesel, MAN Turbo, MAN Latin America. Mann said that on January 1, 2009, it acquired VW’s commercial vehicle business in Brazil, which has now become Mannair’s company and has promoted its development in the commercial vehicle sector; the merger of these two non-commercial vehicle companies can Realize the balance between businesses.

In the first quarter of this year, Mann’s net profit fell by 44% year-on-year to 181 million euros, mainly because its core business, the truck business, was hit by the decline in global market demand.

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