04.08.2005

MAN sells Wolffkran

The MAN Group has sold Man Wolffkran GmbH its heavy duty tower crane business, to a private German-Swiss investment group.

The deal is retroactive and effective as of the first of January 2005. The buyer is a private German-Swiss investment group headed by Dr. Peter Schiefer and Dr. Hans-Peter Koller.

Man-Wolffkran is based in Heilbronn, Germany and produces, sells and hires out tower cranes for the building industry. It is well known for building some of the largest tower cranes on the market. In 2004, the company generated sales of €35 million with approximately 200 employees.

The group acquiring Wolffkran says that it is aiming to offer long-term prospects to the crane specialist, which will in future operate under the Wolffkran name. it also says that all production sites will be retained and that no job cuts are planned.

Dr. Schiefer plans to take a leading role in day to day management of operations: An engineering graduate of the Technical University of Munich, Dr. Schiefer previously held a management role at Goldmann Sachs in London and was for many years involved in the operational management of various business units at Siemens AG.

“Beside the existing quality market leadership we are now targeting leading positions in all our markets,” says Schiefer. “Together with our clients we will further develop the potential of new growth markets and innovative services.”

The sale reflects MAN’s intention to focus on its five commercial vehicle divisions, Industrial Services, Printing Systems, Diesel Engines and Turbomachines. MAN acquired full ownership of Wolffkran in 1975, after holding a majority share in the company since 1953.