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 OHBG.DE and Apollo Capital Partners GmbH have bought MAN Technologie, the spac"> |
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OHB Technology, Apollo buy MAN AG's space unit FRANKFURT (Reuters) - German space and satellite firm OHB Technology (OHBG.DE: Quote, Profile, Research) and Apollo Capital Partners GmbH have bought MAN Technologie, the space activities of German industrial group MAN AG (MANG.DE: Quote, Profile, Research) , for an undisclosed price. "With this investment OHB Technology further expands the product portfolio in its strongest division Space + Security," the Bremen-based company said on Wednesday, declining to provide financial details of the transaction. A spokesman for MAN, however, said the company would sustain neither a book gain nor a book loss on the transaction. MAN Technologie, which supplies components for rocket boosters used for the European Ariane-5 space program, narrowed its operating loss in 2004 to 6 million euros ($7.35 million), from 16 million in 2003, on revenue of 98 million. OHB had been a leading candidate to buy MAN Technologie since speculation over its interest first emerged in November. "As a result of this significant step, MAN has now come very close to achieving its acknowledged goal of focusing on the five core areas of commercial vehicles, industrial services, printing systems, diesel engines and turbomachines," MAN said in a statement. MAN had said in the past it was looking to dispose of the loss-making unit but wanted to sell only once MAN Technologie had been successfully restructured and the space industry, crippled by the telecom bust of recent years, had recovered. The MAN spokesman said that the business, originally developed in the 1970s, had been highly profitable until the crisis in the European space industry forced it into the red. OHB stock gained 8.9 percent to 8.10 euros by 1235 GMT while MAN stock rose 0.9 percent to 36.20 euros. ($1=.8160 Euro)
http://www.microsite.reuters.com
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