TORINO – Iveco Group and MutaresGerman investment holding company specializing in turnaround operations, hA binding agreement has been reached for the transfer of ownership of Magirus GmbH and its subsidiaries operating in the firefighting sector. Magirus produces and sells specialized vehicles and equipment, employing more than 1,300 people in Germany, Italy, France and Austria. In 2023, Magirus contributed approximately 2 percentage points to Iveco Group’s revenues, recording a negative adjusted EBIT of 35 million euros.
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The guided group by CEO Gerrit Marx provides, once the authorizations have been obtained, that the transaction be completed no later than January 2025. Following the transfer, Iveco Group’s results will be impacted by approximately -115 million euros in the first quarter of 2024. This one-off negative effect will be excluded from all adjusted metrics.
Magirus, it is reported, will leave the perimeter of the group owned by Exor, which it also controls Republic through Gedi, and will continue its path in full autonomy. “In its new ownership configuration, it will be more flexible and agile in seizing business opportunities, and will be able to embark on a renewed, stable and healthy path. This opens a new chapter in the long history of the brand, which will be able to compete even more effectively and efficiently in its specific fire-fighting market”, reads the Iveco note. Mutares is a publicly listed private equity holding company with headquarters in Munich and offices in Amsterdam, Frankfurt, Helsinki, London, Madrid, Milan, Paris, Shanghai, Stockholm, Vienna and Warsaw, specializing in the valorization of medium-sized businesses with significant potential of operational development.
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Founded by German fire chief Conrad Dietrich Magirus in 1864, the Magirus brand has almost 150 years of experience in producing vehicles that provide rescue in case of firedanger and natural disasters. The company that invented the revolving ladder, a device that has been cloned and is present on all major fire trucks. A reorganization that depends on Iveco’s need to focus on its core business. Firefighting vehicles are not included. Magirus is, internationally, one of the largest and most advanced suppliers of fire and natural disaster protection technology.
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The unions are worried and are asking for the intervention of the Ministry of Business and Made in Italy. “We will urgently ask for a table with all the parties involved, especially since the sector had previously been declared strategic, with a view to protecting the site, production and workers”, they say Fim, Fiom, Uilm, Fismic, Uglm the announcement by Iveco, which is holding its Capital market Day tomorrow in Turin, and Mutares. “In Italy – write the metalworking acronyms – the Brescia plant is involved where around 200 employees are employed, but a plant in Germany and one in Austria are also involved, as well as a branch in France. The sale will be subject to some conditionalities including public authorizations also from the Italian government. As a union we express our great concern about the sale and the fact that the buyer is a private equity fund.” For Fim, Fiom, Uilm, Fismic and Uglm, the reasons for which Iveco had decided to undertake the sale had already emerged in the meeting last July, linked to a repeated operating loss over the last 10 years. “With this decision, Iveco protects itself from problems in the relationship with Magirus, the latter, and the workers above all – say the unions – instead embarking on a path that is not exactly reassuring”.
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– 2024-03-15 20:14:59
