ElringKlinger sets progressive course for mobility of the future

• Acquisition of interests in hofer powertrain Engineering Group and hofer powertrain products GmbH
• Strategic advancement of ElringKlinger in the area of innovative drive systems for hybrid and all-electric vehicles

Dettingen/Erms (Germany), October 27, 2016  +++  ElringKlinger AG is toacquire a strategic interest of 27% in the engineering company hofer AG. The transaction also encompasses a 53% majority interest of ElringKlinger in the subsidiary hofer powertrain products GmbH operating within the Nürtingen-based group of companies. The purchase price of the entiretransaction is a double-digit figure in the million euro range and will be settled subsequent to closing, which is to take place no earlier than January 1, 2017. As from closing date, the subsidiary will be fully consolidated within ElringKlinger. Hofer AG is an expert system developer to the automotive industry, focusing on systems within the drive train as well measuring, testing, and installation technology. In acquiring the ownership interest, ElringKlinger will benefit from the aforementioned innovatory abilities, particularly in the development and production of alternative drive technologies. The focus in particular is on small-series production within the sports and luxury car segment. Therefore, alongside battery and fuel cell technology, the group's portfolio will include expertise in the field of transmission systems, electric engine, electronics and software. "In taking this logical step, ElringKlinger is further expanding its activities in the area of innovative drive technologies," says Dr. Stefan Wolf, CEO of ElringKlinger AG. "Alongside lightweight components that are independent of the drive system, electromobility will represent an additional key pillar for the future development of the Group." As regards e-mobility, ElringKlinger has until now mainly been operating in the area of and cell contact systems and battery housing. The transaction underscores the strategic direction taken by ElringKlinger, the ambition being to act as one of the first points of contact for automobile manufacturers when it comes to developing and implementing new ideas. The above-mentioned acquisition of an ownership interest extends the Group's key competencies to include drivetrain solutions for hybrid and all-electric systems.