MAN is selling its shareholding in the machinery group

MAN is selling its shareholding in the machinery group

German industrial conglomerate MAN is to sell its shareholding in machinery giant SMS to the Weiss family for an undisclosed sum. SMS will be leaving the MAN group with effect from 1 October. In future it will be consolidated as a member of the Siemag Weiss Group only.

SMS will be changed from a public to a private limited company. MAN will then transfer 50% of its equity interest to a holding company belonging to the Weiss family. A mutual call and put option has been granted for the second half of the equity interest (25.5%).

MAN and the Weiss family have jointly held SMS since 1973. It was agreed some time ago that MAN would dispose of its interest as soon as a suitable opportunity arose. SMS’s Plastics Technology division includes Battenfeld, SMS Extrusion and Cincinnati Extrusion.