PRESS RELEASE
Corporate
DaimlerChrysler to Sell mtu Aero Engines
Posted on November 21, 2003
To avoid any misunderstandings, please find attached the press-information from DaimlerChrysler which clarifies the fact that mtu Aero Engines, Munich (and not MTU Friedrichshafen) is being sold.
To avoid any misunderstandings, please find attached the press-information from DaimlerChrysler which clarifies the fact that mtu Aero Engines, Munich (and not MTU Friedrichshafen) is being sold.
Stuttgart, Germany - The Board of Management of DaimlerChrysler AG has approved the sale of the engine manufacturer, mtu Aero Engines GmbH, of Munich, to the US financial investor, Kohlberg Kravis Roberts & Co (KKR). The transaction is expected to be closed by the end of December, subject to the approval of DaimlerChrysler's Supervisory Board and clearance by the relevant anti-trust authorities. mtu Aero Engines will continue its programs and cooperations, especially its close strategic alliance with the US engine manufacturer, Pratt & Whitney, as before. mtu Aero Engines, a 100% subsidiary of DaimlerChrysler AG, employs some 8,300 persons and achieved revenues of about EUR 2.2 billion in 2002. About 80% of this total was accounted for by the civil aero engine business. The sale to KKR opens up additional opportunities for the further development of mtu Aero Engines.
This document contains forward-looking statements that reflect management's current views with respect to future events. The words "anticipate," "assume," "believe," "estimate," "expect," "intend," "may," "plan," "project" and "should" and similar expressions identify forward-looking statements. Such statements are subject to risks and uncertainties, including, but not limited to: an economic downturn in Europe or North America; changes in currency exchange rates and interest rates; introduction of competing products; increased sales incentives; and decline in resale prices of used vehicles. If any of these or other risks and uncertainties occur (some of which are described under the heading "Risk Factors" in DaimlerChrysler's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission), or if the assumptions underlying any of these statements prove incorrect, then actual results may be materially different from those expressed or implied by such statements. We do not intend or assume any obligation to update any forward-looking statement, which speaks only as of the date on which it is made.
Stuttgart, Germany - The Board of Management of DaimlerChrysler AG has approved the sale of the engine manufacturer, mtu Aero Engines GmbH, of Munich, to the US financial investor, Kohlberg Kravis Roberts & Co (KKR). The transaction is expected to be closed by the end of December, subject to the approval of DaimlerChrysler's Supervisory Board and clearance by the relevant anti-trust authorities. mtu Aero Engines will continue its programs and cooperations, especially its close strategic alliance with the US engine manufacturer, Pratt & Whitney, as before. mtu Aero Engines, a 100% subsidiary of DaimlerChrysler AG, employs some 8,300 persons and achieved revenues of about EUR 2.2 billion in 2002. About 80% of this total was accounted for by the civil aero engine business. The sale to KKR opens up additional opportunities for the further development of mtu Aero Engines.
This document contains forward-looking statements that reflect management's current views with respect to future events. The words "anticipate," "assume," "believe," "estimate," "expect," "intend," "may," "plan," "project" and "should" and similar expressions identify forward-looking statements. Such statements are subject to risks and uncertainties, including, but not limited to: an economic downturn in Europe or North America; changes in currency exchange rates and interest rates; introduction of competing products; increased sales incentives; and decline in resale prices of used vehicles. If any of these or other risks and uncertainties occur (some of which are described under the heading "Risk Factors" in DaimlerChrysler's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission), or if the assumptions underlying any of these statements prove incorrect, then actual results may be materially different from those expressed or implied by such statements. We do not intend or assume any obligation to update any forward-looking statement, which speaks only as of the date on which it is made.