Knorr-Bremse Divests R.H. Sheppard Co., Inc. in North America and Adjusts Fair Value of Remaining Purchase Price Receivable
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EQS-Ad-hoc: Knorr-Bremse Aktiengesellschaft / Key word(s): Disposal/Miscellaneous Disclosure of Insider Information Pursuant to Regulation (EU) No. 596/2014 Article 17 Keyword(s): Portfolio adjustment/fair value adjustment/stable dividend Knorr-Bremse AG Moosacher Str. 80 80809 Munich ISIN: DE000KBX1006 stock exchanges and segments admitted to
Ad Hoc Announcement
Knorr-Bremse Divests R.H. Sheppard Co., Inc. in North America and Adjusts Fair Value of Remaining Purchase Price Receivable
Knorr-Bremse AG (“Knorr-Bremse”) concluded a contract to sell R.H. Sheppard Co., Inc. (Sheppard) to the US investor Balmoral RHS Acquisition Corp. The closing and signing of the transaction took place simultaneously. The sale of Sheppard leads to a one-time, non-cash and non-operating net loss of approximately EUR 60 million, which has a negative impact of around EUR 0.37 on earnings per share in Q4 2024. Sheppard is one of the leading manufacturers of commercial vehicle steering systems in the North American market. Sheppard generated revenues of approximately USD 150 million in the 2023 fiscal year. In addition, the Executive Board of Knorr-Bremse decided on a fair value adjustment for the carrying amount of a receivable (remaining purchase price and earn-out) from the sale of Kiepe Electric GmbH of just under EUR 50 million. Although the write-off is non-cash and will not have an impact on the operating result, it will negatively affect Q4 2024 earnings per share by EUR 0.31. For the coming Annual General Meeting, Knorr-Bremse is planning to propose a dividend for the 2024 fiscal year that is at least stable, reflecting its continued strong operating performance. Knorr-Bremse confirms the operating guidance for revenues, EBIT margin and free cash flow in line with Q3 reporting.
End of Inside Information
20-Dec-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | Knorr-Bremse Aktiengesellschaft |
| Moosacher Str. 80 | |
| 80809 Munich | |
| Germany | |
| Phone: | +49 89 3547 0 |
| E-mail: | investor.relations@knorr-bremse.com |
| Internet: | https://ir.knorr-bremse.com |
| ISIN: | DE000KBX1006 |
| WKN: | KBX100 |
| Indices: | MDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Vienna Stock Exchange (Vienna MTF) |
| EQS News ID: | 2056113 |
| End of Announcement | EQS News Service |
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2056113 20-Dec-2024 CET/CEST
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