Sulzer Sells Turbomachinery Business to MAN GHH BORSIG

02.01.2001

The MAN Turbomaschinen AG GHH BORSIG, a subsidiary of the commercial vehicle and mechanical engineering company MAN, in Oberhausen (DE), and Sulzer Ltd, Winterthur (CH), have signed an agreement for selling the complete business of Sulzer Turbo to MAN GHH BORSIG, subject to approval of the regulatory and antitrust authorities. The purchaser is acquiring the management, all employees and all sites of Sulzer Turbo.

MAN Turbomaschinen AG GHH BORSIG had sales of EUR 360 million with approximately 1700 employees in 1999. The complete MAN Group employs approximately 76 000 people world-wide, who achieve sales of approx. EUR 15 billion. Sulzer Turbo has sales of approximately EUR 200 million (CHF 300 million) with approximately 1000 employees.

On September 18, 2000, the Sulzer Group announced that it was going to divest different business units of its industrial sector within the framework of a focusing strategy. These were to be sold to partners who had strategic goals. This goal has been achieved in the case of Sulzer Turbo. Following the acquisition, the new company will belong to the group of global market leaders for thermal turbomachines. The price of the transaction was concluded tacitly, but is within the range of expectations. Additionally, the conditions for a socially acceptable divestiture have been fulfilled. With this, Sulzer has completed the first step in its announced focusing program successfully.

International Presence Strengthened

The new company will be composed of the three legally independent core companies in Germany, Switzerland and Italy with a world-wide sales and service network. The management of this group of companies will be at MAN Turbomaschinen AG GHH BORSIG, Oberhausen. The new company has a complete range of turbomachines for the oil and gas industry, the processing industry and associated energy generation. The merging of the sales and service organizations from MAN Turbomaschinen and Sulzer Turbo will strengthen the overall presence in international markets substantially, especially the position in the USA.

The linking of the activities and the joining of the strengths of the two companies will further improve their technological and economic competitiveness. This applies especially in view of the increasing competitive global market for turbines and compressors.

Sulzer Turbo manufactures turbocompressors for various applications, mainly for the oil and gas industries, the chemical industry and for air separation. The strengths of Sulzer Turbo include research and development as well as modern production processes among other things. The company has a leading position with its emission-free, high-pressure compressors with magnetic bearings for the oil and gas production sector. Sulzer Turbo also has a comprehensive range of customer services for turbocompressors, gas and steam turbines. Sulzer Turbo employs a total of approximately 1000 people, about 600 of them (incl. approx. 50 trainees) in Zurich (Switzerland), 200 in Schio (Italy), 50 in Ravensburg (Germany), 70 in Johannesburg (South Africa), 40 in Farnborough (Great Britain), 20 in Houston (USA) und 15 in Mantes (France).

MAN Turbomaschinen AG GHH BORSIG has two production sites in Germany at Oberhausen (approx. 1300 employees) and Berlin (400 employees) and a global service and sales network.

Winterthur, December 20, 2000

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