Miba announces deal to takeover off-road business division of HOERBIGER

September 20, 2010

Miba AG, headquartered in Laakirchen, Austria, and the Swiss based HOERBIGER Group, have recently announced the transfer of HOERBIGER Drive Technology’s off-road vehicle business to Miba. Over the course of 2011, production of friction discs for off-road vehicles will be moved from Schongau, Germany, to Miba sites in Austria and Slovakia. As part of the agreement, Miba will also take over HOERBIGER Drive Technology Pvt. Ltd. based in Pune, India, from January 2011.

“With the takeover of HOERBIGER’s friction lining production, Miba is continuing its successful expansion. We are growing in one of our strategic core areas, friction, and we are joining together the activities of two experienced partners. The new site in India expands Miba’s global network, providing our customers with the best possible support through local production,” stated Peter Mitterbauer, Miba CEO.

For more than 30 years, Miba Friction Group has been a development partner and supplier of high-performance friction linings for the international motor vehicle and machinery industry. Friction linings are the decisive factor in the performance of vehicle clutches and brakes, and serve to optimise speed and power. In the area of off-road vehicles, friction linings are used in clutch and brake systems in construction machinery, tractors, marine vessels and special-purpose vehicles.

Founded in 1927 as a repair and production shop for engine components, Miba now employs over 2,800 people producing sintered components, engine bearings, friction materials and coatings at eleven sites worldwide.

Group sales up 37%

Miba generated group sales of EUR 203.1 million in the first half of 2010 (February 1 to July 31) a 36.8% increase over the same period the previous year. Earnings before interest and taxes (EBIT) also reflected the economic upturn, totalling EUR 27.9 million (compared to EUR 2.4 million the previous year). The Miba Group’s level of orders also reflects the economic upturn. As of July 31, 2010, orders stood at EUR 168.7 million, up 19.1% from the end of the previous business year (January 31, 2010: EUR 141.6 million).

www.miba.com

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