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EQS-Adhoc: JOST Werke SE: JOST acquires Crenlo do Brasil and accelerates strategic growth with products for agricultural machinery

EQS-Ad-hoc: JOST Werke SE / Key word(s): Mergers & Acquisitions/Miscellaneous
JOST Werke SE: JOST acquires Crenlo do Brasil and accelerates strategic growth with products for agricultural machinery

30-Aug-2023 / 14:27 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


JOST acquires Crenlo do Brasil and accelerates strategic growth with products for agricultural machinery


Neu-Isenburg, August 30, 2023. JOST Werke SE ("JOST"), a leading global producer and supplier of safety-critical systems for commercial vehicles, has signed an agreement to purchase Crenlo do Brasil Engenharia de Cabines LTDA (“Crenlo Brazil”). With this acquisition JOST will be able to gain access to the Brazilian off-highway and agricultural machinery industry, one of the biggest agricultural markets worldwide.

JOST has signed a purchase agreement to acquire 100 % of the share capital in Taxi Brazil Holdings B.V., the Netherlands, the sole shareholder of Crenlo. The seller is Crenlo Engineered Cabs, a manufacturer of engineered operator cabs and roll over protective structures for heavy equipment and off-highway vehicles and a portfolio company managed by Angeles Equity Partners, LLC.

Headquartered in Guaranésia, Brazil, Crenlo Brazil has been producing applications for the agricultural, mining, construction and forestry machinery industry in Brazil for over 23 years. It counts a wide range of major global blue-chip original equipment manufacturers (OEMs) active in Brazil among its customers. Crenlo Brazil owns and operates a versatile, best-in-class manufacturing facility in the state of Minas Gerais, which offers promising operating leverage opportunities and will serve as the manufacturing backbone for JOST’s off-highway activities in the Southern hemisphere. The experienced management team, with in-depth know-how and significant expertise in the Brazilian construction and agricultural machinery market, will remain part of the organization after the acquisition, supporting JOST’s strategy to grow into the sizable Brazilian off-highway and agricultural market, accelerating JOST’s profitable growth in the region. Future synergies will result from JOST’s ability to leverage Crenlo Brazil’s engineering and production capabilities to manufacture and market its agricultural front loaders and implements as well as further agricultural products in Brazil.

The transaction will be financed through a combination of cash and existing credit lines. JOST expects leverage (net debt to LTM adjusted EBITDA) to increase slightly compared to the 1.18x reported as of June 30, 2023, but it will remain well within the target corridor of 1.0x to 2.0x.

 

Contact:

JOST Werke SE
Romy Acosta
Head of Investor Relations
T: +49 6102 295-379
romy.acosta@jost-world.com



End of Inside Information

30-Aug-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language:English
Company:JOST Werke SE
Siemensstraße 2
63263 Neu-Isenburg
Germany
Phone:+49 6102 2950
Fax:+49 (0)6102 295-298
E-mail:ir@jost-world.com
Internet:www.jost-world.com
ISIN:DE000JST4000
WKN:JST400
Indices:SDAX
Listed:Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
EQS News ID:1715157

 
End of AnnouncementEQS News Service

1715157  30-Aug-2023 CET/CEST

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