HOERBIGER to Acquire Altronic
HOERBIGER Holding AG, Zug, Switzerland, plans to acquire Altronic, Inc., Girard, Ohio, USA. Altronic is a leading provider of ignition systems for gas engines. HOERBIGER is active throughout the world in the fields of compression technology, automation technology and drive technology. The HOERBIGER Group plans to integrate Altronic into the Strategic Business Unit Compression Technology. In a joint statement, the two companies announced the approval of both Boards of Directors as of November 25, 2008.
The goal of HOERBIGER Compression Technology is to merge the market position and know-how of Altronic with the innovation and technology potential of HOERBIGER ValveTec GmbH in Vienna, Austria, and HOERBIGER Control Systems AB in Åmål, Sweden. The technology of Altronic in digital ignition systems, the strength of HOERBIGER ValveTec in injection systems for gas engines, as well as the know-how of HOERBIGER Control Systems AB in the area of electronic engine control systems ideally complement each other, the company said.
Bruce R. Beeghly will continue as President of Altronic Inc. Following the planned acquisition, HOERBIGER intends to continue the Altronic brand under the umbrella of HOERBIGER Compression Technology. The entire Altronic product range for the control and automation of gas engines as well as all products of the HOERBIGER Engine Solutions business division are scheduled to be available both to original equipment manufacturers and to the operators of gas engines as the end customers. This will include in particular complete controls and equipment for retrofitting diesel engines to the more environmentally friendly gas-diesel operation.
The acquisition of Altronic is subject to approval by shareholders of the company and review by anti-trust authorities. HOERBIGER and Altronic anticipate that the transaction can be completed by the beginning of 2009.