Mutares SE signs agreement to acquire Cimos d.d.

Mutares SE signs agreement to acquire Cimos d.d.

MUNICH: Mutares SE & Co. has signed an agreement to acquire Cimos d.d. and its subsidiaries from TCH S.r.L. The closing of the transaction is expected in the third quarter of 2022.

The company will act as a key Eastern European platform for Mutares’ Automotive & Mobility segment with seven production plants across Slovenia, Croatia, Serbia and Bosnia & Herzegovina as well as one logistics plant in Slovenia.

Cimos d.d., with a total of approximately 2,000 employees, is highly complementary to the KICO and ISH Group.

Cimos d.d. is headquartered in Slovenia and together with its subsidiaries, is a leading producer of critical automotive components such as compressor and center housings, engine brackets, brake discs and drums, gearbox parts, nozzle rings and flywheels.

The target company has normalized revenues of just under EUR 200 million. In 2022, Cimos d.d. is expecting revenues of around EUR 160-180 million, influenced by certain special effects.

Cimos d.d. allows Mutares to establish a strategic automotive platform enabling the broader Automotive & Mobility portfolio to tap into a very well invested machine park at competitive production costs.

The high capabilities of Cimos d.d., together with machines that are applicable across a variety of products, allow for the offloading of significant workload from the portfolio with a very low CapEx requirement, given a universal machining approach.

“This transaction marks the first acquisition of our new office in Vienna, which was opened at the end of 2021, focusing on the Austrian and Eastern European markets. This transaction underlines the trust of OEMs in Mutares and its business model, even in the context of a very difficult market environment,” a company statement said.

Johannes Laumann, CIO of Mutares, comments: “We are excited to announce the first platform acquisition in Eastern Europe, which will provide our Automotive & Mobility segment with numerous advantages and synergies. We are confident that through operational improvements and growth, together with the KICO and the ISH Group, we can develop Cimos into becoming a worldwide leader in the sector.”

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