German engineering and design specialist EDAG has a new owner.
On Feb. 17, equity investor Aton bought 100 percent of the common stock from the families who founded the company.
"The time for uncertainty at EDAG is over," EDAG CEO Klaus Blickle said.
Blickle said EDAG originally had been negotiating with two financial investors as well as two industrial companies on a possible sale.
"We were especially interested in a strategic investor with an entrepreneurial mindset," he said.
Blickle believes he has found this in Lutz Helmig, founder of the Helios Clinics Group and owner of Aton.
With the new investor, EDAG also wants to expand its aviation and electrical and electronics sectors.
Blickle is expecting red ink for fiscal 2005, just as in 2004. He sees improving figures for 2006, but still considers this year to be critical, not just for EDAG, but for the entire automotive industry.
But that isn't deflecting him from his goal.
"In 2007, we want to be in the black," Blickle said.
In 2004, EDAG's sales were 561 million euros, or about $664.9 million at current exchange rates. The company employs 4,000 people at 33 facilities in 17 countries.
You may e-mail Klaus-Dieter Floerecke at [email protected]