IHI to hold 100% of the shares in IHI Charging System International GmbH Towards strengthen our turbocharger business world-wide
IHI Corporation, Kotoku Tokyo, Japan (IHI) announces that Daimler AG, Stuttgart, Germany (Daimler) and IHI have reached an agreement that IHI will acquire the 49% share of Daimler in IHI Charging System International GmbH, Heidelberg, Germany (ICSI), a joint venture company producing turbochargers for vehicles in Europe which they started together in 2001. This will result in IHI to owning 100% of ICSI.
This amicable acquisition was reached after Daimler and IHI expressed that they would like to undertake differing company strategies; IHI has already group subsidiaries for turbocharger business in six countries world-wide but it hopes more seamless and speedy collaboration between subsidiaries for global engine project demands,
while Daimler continues its strategy to focus on its core business vehicle manufacturing.
ICSI was initially created to become a major turbocharger supplier in Europe while IHI provides its technology and Daimler provides market-demands thereto.
After 12 years of collaboration, the two companies have agreed that ICSI has matured enough to become independent. Under the full ownership of IHI, ICSI will now seek to collaborate with other subsidiaries within IHI group in order to expand IHI’s group turbocharger business from “Europe to the World”. .
Besides R&D, designing and selling turbochargers, ICSI also owns manufacturing bases in both Germany and Italy, which have produced about 2 million units in 2012.
Drawing on its experience, IHI and ICSI target to develop and manufacture 3 million turbocharger units by the end of the 2015 fiscal year. IHI is thus now working to strengthen ICSI’s business.
In the foreseeable future, based on the relationship of trust built over the years, Daimler will stay an ICSI customer and will maintain and strengthen their business relationships.
| - Company Overview - | ||
| Name | ： | IHI Charging Systems International GmbH |
| Location | ： | Haberstrasse 24, 69126 Heidelberg, GERMANY |
| President | ： | Mr. Akira Hori |
| Registered Share Capital | ： | EUR 15.000.000 |
The completion of the acquisition is still subject to the cartel approval by the European Commission which approval is expected for end of Feb 2013.