Augsburg, February 27, 2023 – In view of the ongoing speculation in the market, RENK announces that the company and its owner are currently exploring various strategic alternatives to support the company’s continued positive development and growth. An IPO is one of the possible options. However, no decisions have been taken at this stage.
RENK intends to further expand its strong position, especially in the growth markets of security and defense as well as energy and infrastructure. The company, headquartered in Augsburg, is already a leading “global player” for high-end gearboxes, powertrain units, hybrid drives, suspension systems, plain bearings, couplings, and test systems. With 3,400 employees, the RENK Group expects to report a turnover in the order of 850 million euros for financial year 2022.
“Today, RENK stands for the outstanding combination of engineering, production and testing know-how as well as maintenance and services throughout the entire product life cycle, worldwide,” said Chairwoman Susanne Wiegand, adding: “With over 20 production and service locations in Europe, America and Asia, we are where our customers are and where our solutions are applied.” RENK has an immensely innovative portfolio, she said. “We offer our global customers standardised and customised gearboxes, drivetrains, plain bearings and test systems of the highest quality and precision,” Wiegand said. The company is actively driving growth in the major future market segments of electrification, decarbonisation, and digitalisation. In addition, the company is developing new solutions for applications for renewable energies, hydrogen, and sustainable drive systems.
To strengthen its international position, RENK had only recently acquired General Kinetics. The Canadian company is a provider of suspension systems for military vehicles. A key milestone in RENK’s global expansion was the acquisition of Horstman Group in 2019 and, following the acquisition of L3Harris Technologies' Combat Propulsion Systems business, the formation of RENK America in 2021. Through these transactions, RENK significantly expanded its position as a leading provider of mobility solutions for military vehicles and establishing a distinct industrial footprint in the UK, Canada and the world’s largest market, the US.
About RENK Group:
Headquartered in Augsburg, Germany, the RENK Group is a leading global player for high-end gear units, power packs, hybrid propulsion systems, suspension systems, plain bearings, couplings and test systems. The company caters to a multiplicity of end markets, focusing especially on security and defense, energy and infrastructure. With more than 3000 employees, the RENK Group has revenue on the high side of EUR 850 million.
Disclaimer
This release contains forward-looking statements. These statements are based on the current views, expectations, assumptions, and information of the management of RENK Holding GmbH (the “Company”). Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors could cause actual future results, performance, or events to differ materially from those described in these statements, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this release or the underlying assumptions. The Company does not assume any obligations to update any forward-looking statements. Moreover, it should be noted that all forward-looking statements only speak as of the date of this release and that the Company assumes no obligation, except as required by law, to update any forward-looking statement or to conform any such statement to actual events or developments.
The Company expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this release, whether as a result of new information, future developments or otherwise.
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