Cevian Capital Acquires Ten Percent of Demag Cranes AG
Düsseldorf, 21. May 2010
The equity investor, Cevian Capital, announced today that it now holds ten percent of Demag Cranes AG's shares as of yesterday, making Cevian the largest single shareholder of
As a minority investor in a listed joint-stock company, Cevian pursues a strategy of industrial value enhancement. Cevian is convinced of the innovation and technological leadership of the
Jens Tischendorf, a partner at Cevian Capital and responsible for the business in Germany states: “The Management of Demag Cranes AG responded quickly and resolutely to the economic and financial crisis, laying the foundations for strengthening the competitiveness of the Company. We are convinced that the Management Board is following the right path.” The Management Board of Demag Cranes AG welcomes Cevian as a new investor. Aloysius Rauen, CEO of Demag Cranes AG stresses: “With Cevian Capital, we have gained a reliable and experienced shareholder.”
About Demag Cranes AG
The Demag Cranes Group is one of the world’s leading suppliers of industrial cranes and crane components, harbour cranes and terminal automation technology. Services, in particular maintenance and refurbishment, are another key element of the Group’s business activities. The Group is divided into the business segments Industrial Cranes, Port Technology and Services and has strong and well-established Demag and Gottwald brands. Demag Cranes sees its core competence in the development and construction of technically sophisticated cranes and hoists as well as automated transport and logistics systems in ports and terminals, the provision of services for these products and the manufacture of high-quality components.
As a global supplier, Demag Cranes manufactures in 16 countries on five continents and operates a worldwide sales and service network that is present in over 60 countries through its subsidiaries, representative offices and a joint venture. In financial year 2008/2009, the Group, with its 5,934 employees, generated revenue of EUR 1,047.6 million. Since the end of June 2006, the Demag Cranes share (WKN: DCAG01) has been listed in the Prime Standard of the German Stock Exchange and is traded on various indices including the MDAX®.
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