MUNICH, Germany - EDAG, the German engineering and design specialist that displayed a Pontiac Solstice hardtop concept at this year's Detroit auto show, has a new owner.
Equity investor Aton has purchased 100 percent of the common stock from the families who founded the company.
"The time for uncertainty at EDAG is over," 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 mind-set," he said.
Blickle believes he has found this in Lutz Helmig, founder of the Helios Clinics Group and owner of Aton.
Automakers have used EDAG for a variety of projects. General Motors hired the firm to engineer the body of the Saturn L series. It also turned to EDAG for production design on the Hummer H2 SUV. More recently, EDAG displayed a concept version of the Solstice at January's Detroit auto show to show off its design and engineering capabilities. The car was inspired by the Pontiac Safari station wagons of the 1950s and 1960s.
Blickle is expecting red ink for its current fiscal year, just as it had in its last fiscal year.
But that isn't deflecting him from his goal.
"In 2007, we want to be in the black," Blickle said.
In fiscal year 2004, the last reported, EDAG's sales were 561 million euros, or about $675.1 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]