FRIWO divposes of the rest of the companies in Ostbevern
Ostbevern, Dezember 29, 2023 – FRIWO – an international manufacturer of technically leading chargers and e-drive solutions – is divesting its remaining production activities at the Ostbevern site. The new owner, Hamburg-based investment company Private Assets SE & Co. KGaA, is taking over the Ostbevern production site and will act as a contract manufacturer for FRIWO products manufactured in Europe. The employees involved in these activities will be taken on by the buyer. Private Assets plans to expand the acquired production facilities by acquiring additional customers in the coming years. The parties have agreed not to disclose the purchase price. FRIWO remains strongly committed to the Ostbevern site. The other activities of the company located there, i.e. Group administration, sales and product management as well as research & development, are largely unaffected by the transaction. The land and real estate will remain in the company’s ownership.
“We are very pleased to have found an ideal private asset partner for our remaining production facilities in Ostbevern and for the workers involved. The transaction will help FRIWO to further advance in the expansion spaces of electromobility and will contribute in particular to higher profitability from 2024 onwards. “Our commitment to the Ostbevern site as a regional anchor remains strong,” Rolf Schwirz, CEO of FRIWO AG, commented in the news.
Significant upturn expected in Europe from 2024 and substantial earnings contributions from the e-mobility joint ventures in India
The transaction will particularly affect FRIWO’s profitability from 2024 onwards. This and the emerging recovery in demand in Europe, as well as the really significant benefit contributions expected from the e-mobility joint venture in India and the new US business created in 2023, are expected to be expected. return FRIWO to a successful expansion trajectory in the next monetary year.
The joint venture for e-mobility responses in India, operated in collaboration with the Indian group UNO MINDA, continues its dynamic growth. The already announced volume of incoming orders and letters of intent in the order of several million euros for electric propulsion responses from India and Japanese brands of two- and three-wheelers continues to increase. FRIWO expects significant revenue streams from licensing and investments from 2024 onwards. FRIWO, which owns a 49. 9% stake in the joint venture, is also in complex negotiations for orders from India’s neighboring countries. These will need to be processed locally with the partners from 2025 at the latest and are not included in the joint venture.
Further information on the company can be found on FRIWO’s investor relations pages at: https://www.friwo.com/en/about/investor-relations/
Contact Relations with investors and media