PRZOOM - /newswire/ -
Baar, Switzerland, 2008/05/30 - Number 1 purchases biggest rival: Pankl, the world’s leading motor sports Conrod supplier, takes over US producer Carillo - Qino.com / Pankl.com.
Pankl Racing Systems AG (Reuters: PARS.VI), a portfolio company of QINO Flagship AG (Reuters: QINO.BN), announces the strategic acquisition of US conrod producer Carillo. The deal, valued at USD 8m, was made via the 70% Pankl-owned subsidiary CP Pistons.
Carillo, the world’s second largest supplier of motor sport conrods, is based in San Clemente, California, has 65 employees and achieved turnover of USD 10.7m in 2007. Carillo is a high profile supplier to the international motor sports industry, its main customers being GrandAM and NASCAR teams.
Pankl customers can now choose between the “Pankl” and “Carillo” conrod brands. Carrillo’s integration into the Pankl Group will lead to many synergies, such as the use of Pankl’s global distribution network and its Austrian R&D facilities. This acquisition allows Pankl to develop and produce conrods at different price points and to satisfy different technological requirements, as well as to fulfil its intention to establish another US-based production facility.
QINO Flagship has taken a hands-on role in the successful restructuring and development of Pankl since first investing in 2004. This commitment is reflected in Pankl’s results: for year ending September 2007, Pankl achieved record revenues and EBIT of EUR 100.1m and EUR 10.1m respectively.
QINO Flagship chairman Daniel Marty comments, “This takeover further secures Pankl’s leading role in the global motor sport industry. Moreover, the acquisition of another US production facility is an important aspect given the exchange rate situation.
“Following the takeover of UK-based specialist bolts manufacturer Northbridge Motorsport in April this year and the 2007 purchase of piston pin manufacturer Weypin, this is the third significant recent expansion for Pankl, continuing the successful value-adding strategy that QINO Flagship has helped develop.”
Pankl is a global niche player and technology leader in the development and production of engine and drivetrain components to the motor racing and aerospace industries. Pankl employs more than 800 people at locations in Austria, UK, USA, Slovakia and Japan. Its customers include Bugatti, Ferrari and Porsche in the field of supersports cars and Sykorsky and EADS in the aerospace industry.
About QINO Flagship AG
QINO Flagship AG is a Swiss investment company, founded in 2000 and based in Baar, Switzerland. Its shares are officially quoted on the BX Berne eXchange and are also traded on the OTC markets of the Vienna, Berlin, Frankfurt, Munich and Stuttgart stock exchanges.
Other current investments include:
• Jajah, Inc. - pioneer of Web-activated telephony;
• Kronomy, Inc. - creator of the collective global memory;
• Heilig & Schubert Software AG - developer of email and file archiving software;
• Update Software AG - CRM software solution provider.
QINO Flagship’s portfolio is concentrated on a very select number of exciting investments. Resulting returns tend not to correlate with broad market indices and may therefore not be suitable for all investors.