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Phoenix AG
sells off hydraulic hose unit in Malaysia
Press Release -
Manufacturing News Directory -
Automotive News
Hamburg, Germany/August 2, 2003/Phoenix AG has sold its Malaysian hydraulic
hose business, which was previous handled by the company’s Fluid Handling
division, to Australia’s Ryco Hydrau-lics Pty. Ltd. The transaction
included production facilities, the site and inventory as well as the
development and production know-how of the Malaysian location.
For Phoenix, this sale represents yet a further step in the direction
of imple-menting the company’s declared goal of concentrating on profitable
growth ar-eas that allow Phoenix to stake out a position of market leadership.
The com-pany’s Fluid Handling Automotive activities rank it among the
European market leaders and Phoenix is the world market leader in the
area of special hoses for the Oil & Marine market, but Phoenix does
not occupy a significant position in the international market for hydraulic
hoses for industrial applications. The com-pany sold off its European
hydraulic hose business in January of the current year.
Production of hydraulic hoses in Malaysia generated 2002 revenues in
the amount of € 9 million for Phoenix. With 84 employees, who will be
retained by Ryco Hydraulics Pty. Ltd., the Malaysian location produces
hydraulic hoses for the Asian Market. The two parties to the sale have
agreed not to divulge the sale price.
ABOUT Phoenix AD
Headquartered in Hamburg, Germany, Phoenix AG today ranks among the
world’s leading suppliers of modern rubber technology and acoustic insulation
systems. With nearly 50 locations and some 10,000 employees worldwide,
Phoenix develops and produces high-tech products for the automobile
industry and other industries. In 2002, Phoenix recorded consolidated
revenues in the amount of € 1,131.6 million, of which 59% from sales
to the automobile industry and 41% from sales to other industries. The
Phoenix Group has a management holding structure that includes core
activities in three areas, Comfort Systems, Fluid Handling and Conveyor
Belt Systems, as well as the activities of Other Business Units.
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Source: Phoenix-AG
For further information, please contact: Phoenix AG, Public Relations:
Sandra Hülsmann Tel.: 040/7667-2450 Fax: 040/7667-2924
Phoenix AG Hannoversche Str. 88 D - 21079 Hamburg Fon: 040-76 67-01 Fax:
040-76 67-2211
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