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| Press Release |
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| 15th March 2006 |
| MAN Roland to become independent |
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| Allianz Capital Partners is to further
develop MAN Roland Druckmaschinen and finance its growth |
| Commenting on the news, Malcolm Pendlebury, Managing Director of MAN Roland GB said, “For MAN Roland GB it’s business as usual. We do not anticipate that our customers will see
any change whatsoever in either the service that we provide or the presses that we sell to them.
“This announcement is seen as a very positive step for the business as a whole. The order
books are in a very healthy state indeed – at record levels for presses – and the company has
successfully re-aligned the sheet-fed business, which is reflected in the recent profitable figures
that have been released.” |
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| MAN and Allianz Capital Partners, a wholly
owned subsidiary of the Allianz Group, are founding a joint venture with the
purpose to purchase MAN Roland Druckmaschinen AG. The intention is to
further develop the world’s second largest manufacturer of printing systems
and go public with it in several years. The corresponding letter of intent
has been signed; MAN AG will retain 35% equity in the joint venture and
continue to play a constructive role in the company’s development. Both
parties have agreed to maintain strict confidentiality on all details of the
agreement until final completion. |
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| With financially strong owners, the world’s
second largest manufacturer of printing presses and provider of numerous
products and services surrounding the printing process will be able to
resolutely continue the value growth program already started. The MAN Roland
executive board has a very positive view of this development. Gerd
Finkbeiner, CEO of MAN Roland says, “This step means a new era for MAN
Roland. It will strengthen our position as an independent global
solution-provider and increase our options. The company and its employees
will gain a long-term perspective as well. Continuity in the management,
corporate structure and MAN Roland brand names will ensure that the company
retains its credibility and reliability for customers and employees. This
will now be complemented by even greater flexibility and more rigorous
decision-making processes.” |
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| In its role as financial investor, Allianz
Capital Partners will actively support MAN Roland to strengthen its position
in the printing industry even further. Thomas Pütter, CEO of Allianz Capital
Partners: “With its strong position in the market and excellent product
know-how, MAN Roland Druckmaschinen has a very good starting point to
continue growing and play a decisive role in the imminent consolidation of
the industry. And we want to support the company in this important phase of
its development. We will use our expertise as a Private Equity Investor to
help MAN Roland move forward.” |
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| Besides speeding up the growth of the company
per se, it is also intended to achieve growth through selective acquisitions.
The successful start to expanding the business with Services, Spares and
Supplies which opens up new fields of business, the regional expansion in
growth markets, and augmenting the sheetfed and web press product range are
important cornerstones of MAN Roland’s future strategic orientation. |
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| MAN Roland Druckmaschinen AG, whose history
goes back to 1845, is the world’s second largest manufacturer of systems for
commercial, publications and packaging printing and the global market leader
in web offset. With its main locations in Offenbach, Augsburg and Plauen,
the company employs almost 8,800 people. The sales and service network is
made up of around 120 branch offices and Sales & Service Partners all over
the world. |
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| With sales of 1,738 million euros in the 2005
fiscal year and an export share of 83%, the company produced an operating
result of 65 million euros, with considerably improved results in both the
sheetfed press and web press business divisions. The sheetfed segment, which
had been making a loss for three years, achieved the forecasted turnaround
and made a profit (+ 6 million euros following -41 million euros in 2004).
The order intake of the web press segment amounted to 1,183 million euros, a
new record, and increased its results to 59 million euros (previous year
44). For 2006 MAN Roland expects a further improvement in operating results. |
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| Allianz Capital Partners GmbH (ACP) was
established in 1998 and is responsible for direct investments in the area of
Private Equity within the Allianz Group. As an independent financial
investor it focuses on providing individual financing solutions for unlisted
companies, corporate owners and management teams for the purpose of
financing growth and acquisitions as well as restructuring for owners. |
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