MAN SE

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"MAN Group" redirects here. For the British investment company, see Man Group.
MAN SE
Type Societas Europaea
Traded as FWBMAN
Industry Manufacturing, automotive industry, marine engineering
Founded 1758[1]
Headquarters Munich, Germany
Number of locations manufacturing facilities in the Ruhr area, Augsburg, and outside Germany
Area served Worldwide
Key people Georg Pachta-Reyhofen (CEO)
Products Commercial Vehicles, diesel and other engines, turbomachinery
Revenue 14.68 billion (2010)[2]
Operating income €1.283 billion (2010)[2]
Profit €713 million (2010)[2]
Total assets €17.43 billion (end 2010)[2]
Total equity €5.990 billion (end 2010)[2]
Employees 53,500 (end 2013)[3]
Parent Volkswagen Group
Subsidiaries MAN Truck & Bus
MAN Diesel & Turbo
MAN Latin America
Renk (76%)
Sinotruk (Hong Kong) (25%)
ÖAF
Website www.man.eu

MAN SE (pronounced [ˈman ʔɛsˈʔeː], abbreviation of Maschinenfabrik Augsburg-Nürnberg, pronounced [maˈʃiːnənfaˈbʁiːk ˈʔaʊ̯ksbʊʁk ˈnʏʁnbɛʁk] or [-faˈbʁɪk-]), formerly MAN AG (pronounced [ˈman ʔaːˈgeː]), is a German mechanical engineering company and parent company of the MAN Group.[4] MAN SE is based in Munich. Its primary output is for the automotive industry, particularly heavy trucks. Further activities include the production of diesel engines for various applications, like ship propulsion, and also turbomachinery.[5]

MAN supplies trucks, buses,[5] diesel engines and[5] turbomachinery. Until September 2012 MAN SE was one of the top 30 companies listed on the German stock exchange (DAX).[5] The company celebrated its 250th anniversary in 2008.[5][6] In 2008, its 51,300 employees generated annual sales of around €15 billion in 120 different countries. The company operates through fully owned subsidiaries or joint ventures with local companies in India, Poland, Turkey, China,[7][8][9] United States, United Arab Emirates,[10][11] South Africa,[12] Uzbekistan,[13] Portugal and Germany/Austria.[14]

Corporate overview[edit]

The MAN Group currently operates its production output through three main subsidiaries, with each subsidiary's output destined for different locations.

History[edit]

This logo is on the front of all MAN trucks and buses. The lion comes from Büssing AG, a company that MAN acquired in 1971. It resembles the coat of arms of the city of Brunswick.

Foundation[edit]

St. Antony

MAN traces its origins back to 1758, when the "St. Antony" ironworks commenced operation in Oberhausen, as the first heavy-industry enterprise in the Ruhr region. In 1808, the three ironworks "St. Antony", "Gute Hoffnung" (English: "Good Hope"), and "Neue Essen" (English: "New Forges") merged, to form the Hüttengewerkschaft und Handlung Jacobi (English: "Jacobi Iron And Steel Works Union And Trading Company"), Oberhausen, which was later renamed Gute Hoffnungshütte (GHH).[1]

In 1840, the German engineer Ludwig Sander founded in Augsburg the first predecessing enterprise of MAN in Southern Germany: the "Sander'sche Maschinenfabrik." It firstly became the "C. Reichenbach'sche Maschinenfabrik", which was named after the pioneer of printing machines Carl August Reichenbach, and later on the "Maschinenfabrik Augsburg".[1]

In 1898, the companies Maschinenbau-AG Nürnberg (founded 1841) and Maschinenfabrik Augsburg AG (founded 1840) merged to form Vereinigte Maschinenfabrik Augsburg und Maschinenbaugesellschaft Nürnberg A.G., Augsburg ("United Machine Works Augsburg and Nuremberg Ltd."). In 1908, the company was renamed Maschinenfabrik Augsburg Nürnberg AG, or in short, M·A·N.

While the focus initially remained on ore mining and iron production in the Ruhr region, mechanical engineering became the dominating branch of business in Augsburg and Nuremberg. Under the direction of Heinrich von Buz, Maschinenfabrik Augsburg grew from a medium-sized business of 400 employees into a major enterprise with a workforce of 12,000 by the year 1913.

Locomotion, propulsion and steel building were the big topics of this phase. The early predecessors of MAN were responsible for numerous technological innovations. The success of the early MAN entrepreneurs and engineers was based on a great openness towards new technologies. They constructed the Wuppertal monorail ("Wuppertaler Schwebebahn") and the first spectacular steel bridges like the Großhesseloher Brücke in Munich in 1857 and the Müngsten railway bridge between 1893 and 1897.

Suspension railway in Wuppertal, Germany

The invention of the rotary printing press allowed the copious printing of books and newspapers and since 1893, Rudolf Diesel puzzled for four years with future MAN engineers in a laboratory in Augsburg until his first Diesel engine was completed and fully functional.

Rudolf Diesel's first engine.

During 1921, the majority of M.A.N. was taken over by the Gutehoffnungshütte Actienverein für Bergbau und Hüttenbetrieb, Sterkrade (GHH), (founded 1873).[1] Through well-directed equities and acquisitions of processing industries, e.g., Deutsche Werft (1918), Ferrostaal (1921), Deggendorfer Werft und Eisenbau (1924), MAN advanced to a nationwide operating enterprise, with a workforce of 52,000 by 1921.

Crisis and World War II[edit]

At the same time the GHH’s economic situation worsened. The causes for this were, among others, the reparations after World War I, the occupation of the Ruhr region and the world economic crisis. In only two years the number of the MAN employees sank from 14,000 in the year 1929/30 to 7,400 in 1931/32. While the civil business was largely collapsing, the military business increased with the armament under the national socialist regime. GHH/MAN enterprises supplied diesel engines for submarines, Panzers, cylinders for projectiles and artillery of every description. MAN also produced gun parts, including Mauser K98 rifle bolts. Their Waffenamt code was WaA53, and ordnance code was "coc".

The MAN works in Nuremberg were often the target of massive bombing attacks during World War II, because 40 percent of all Panther Panzers built in Germany were produced there.[1]

Postwar period[edit]

MAN truck 11-136

After the end of World War II the allies split up the GHH group. A vertical integration in which mining, iron and steel production are consolidated was not allowed any more. The “Gutehoffnungshütte”, together with the MAN firms of Southern Germany, therefore concentrated on engineering, plant construction, commercial vehicles and printing machines. This process has been supported by strategic acquisitions and dispositions; one of the most important was the take-over of the truck and bus division of the commercial vehicles manufacturer Büssing (1971), the disposition of the shares of the shipyard Deutsche Werft (1966/67) and the acquisition of the printing machine producer Faber&Schleicher as well as its fusion to MAN Roland Druckmaschinen AG (1979).[1]

In 1982/83 the “Gutehoffnungshütte” plunged into a deep corporate crisis. The enterprise suffered from the late effects of the second oil crises and a bad economic situation. This was particularly displayed by the dramatic downturn of the commercial vehicles sales figures. Besides external factors, the chief course of these problems was the obsolete company structure with extensive cross-subsidisation between the divisions. At this time the former director of GHH presented a reclamation concept that envisioned a complete consolidation of the subsidiary with the holding company. This concept encountered great resistance with GHH's major shareholders Allianz AG and Commerzbank. The media speculated about a “Bavarian conspiracy” against the Management in Oberhausen.[1]

In 1986, with Klaus Götte, the group got a new company structure and became a contractual group with economically independent division at several locations. This was also attended by the transferring of the MAN headquarters from Oberhausen to Munich and by the new company name MAN AG.

Rudolf Rupprecht repelled a takeover attempt in 2003. Furthermore, the disposition of the 50-percent share of the SMS Group and the strengthening of the turbomachinery division through the takeover of Sulzer Turbo induced MAN’s focusing process.

In 2006, MAN entered into an agreement with Indian company Force Motors to establish a 50:50 joint venture for the production of trucks and buses in India for the domestic and export markets. The joint-venture established a truck manufacturing plant in Pithampur, Madhya Pradesh and launched its first truck for the Indian market in 2007. At the end of 2011, MAN bought out the stake of its Indian partner, and its operations in India became a wholly owned subsidiary of MAN in early 2012.[16]

In September 2006, MAN produced an offer for the take-over of the Swedish competitor Scania AB. The European Commission approved the takeover on December, 14. Nevertheless, MAN voluntarily withdrew the offer on January 23, 2007, after Scania’s major shareholders Volkswagen AG and the influential Wallenberg family had declined the offer. On December 24, 2008, MAN published to possess further stock options of Scania and to therefore maintain more than 20 percent of the voting rights.

In 2008, the MAN group celebrated its 250 year anniversary with numerous events, like exhibitions in several museums, a vintage car tour with the motto “MAN on the road again” and a great anniversary gala. At the beginning of December 2008 MAN took over the company VW Truck and Bus Brazil and changed the firm’s name to MAN Latin America. Therewith, MAN now is market leader in Brazil with a market share of 30 percent.

Since May 2009, the group is incorporated as European corporation MAN SE.[17] In July 2009 MAN published to merge the two divisions MAN Turbo and MAN Diesel into one business area called Power Engineering. In addition the group contracted a strategic partnership with the Chinese truck manufacturer Sinotruk. In the course of this focusing process many smaller subsidiaries and division have been sold.

In 2009, investigators of the Munich Prosecutor's Office uncovered a corruption affair, in which MAN had been bribing business partners and governments in over 20 countries during the years 2001 to 2007, in order to get large orders for buses and trucks. MAN CEO Håkan Samuelsson and further Board Members had to resign. The board of directors appointed Dr.-Ing. Georg Pachta-Reyhofen, the former CEO of MAN Diesel, as successor. On December 17, 2009 Pachta-Reyhofen was assigned as speaker of the board and CEO of MAN SE by the board of directors.

Takeover by Volkswagen[edit]

Headquarters of MAN SE in Munich

In July 2011, Volkswagen AG acquired a 55.9% voting stake and 53.7% of the share capital in MAN SE. Pending regulatory approval, Volkswagen planned to merge MAN and Scania to create Europe's largest truckmaker. The combined trucks group is planned to save about 400 million euros per year, mainly by bundling procurement.[18][19] Regulatory approval was granted, and the takeover completed, in November 2011.[20]

In April 2012 MAN SE announced that Volkswagen had increased its interest to a 73.0% voting stake and 71.08% of the share capital.[21]

On 6 June 2012 Volkswagen AG announced that it had increased its share of voting rights in MAN SE to 75.03%, paving the way for a domination agreement to be put in place.[22]

Other holdings[edit]

Renk (76% stake)
Manufacturers of special gears, components of propulsion technology and test systems.
Sinotruk (Hong Kong) ("25% + 1 share" stake)
Hong Kong-based subsidiary of Sinotruk.

See also[edit]

References[edit]

  1. ^ a b c d e f g "MAN SE - The MAN Group's History - Industrial Pioneering". MAN SE. MAN.de. Retrieved 23 November 2009. 
  2. ^ a b c d e "Annual Report 2010". MAN Group. Retrieved 3 April 2011. [dead link]
  3. ^ Cite error: The named reference AR2013 was invoked but never defined (see the help page).
  4. ^ "Chapter V: Group Management Report". MAN AG Annual Report 2008. MAN AG. 2008. p. 73. 
  5. ^ a b c d e "MAN Group Overview". MAN SE. MAN.de. Retrieved 23 November 2009. 
  6. ^ MAN SE
  7. ^ http://www.openpr.de/pdf/27073/MAN-Nutzfahrzeuge-in-China-Neues-Lion-s-Bus-Werk-fuer-Omnibus-Fahrgestelle-Lizenzfertigung-von-Kom.pdf
  8. ^ "金华青年曼汽车有限公司". Yo-man.cn. Retrieved 2010-07-20. 
  9. ^ "陕西汽车集团有限责任公司". Sxqc.com. Retrieved 2010-07-20. 
  10. ^ "Shacman Motors Middle East Sales & Service Center". Shacman.cn. Retrieved 2010-07-20. 
  11. ^ "SHAANXI AUTOMOBILE GROUP CO., LTD". truckshacman.com. Retrieved 2013-12-12. 
  12. ^ "De Haan". Dehaans.co.za. Retrieved 2010-07-20. 
  13. ^ "AK Uzavtosanoat - Toshkеntda an'anaviy yarmarka o‘tkazildi". Avtoolam.sarkor.uz. 2010-06-19. Retrieved 2010-07-20. 
  14. ^ "MAN Nutzfahrzeuge - en". Militarytrucks.man-mn.com. Retrieved 2010-07-20. 
  15. ^ "MAN Truck & Bus". www.man.eu. MAN SE. 2014-01-12. Retrieved 12 January 2014. 
  16. ^ "Annual Press Conference - February 14, 2012". MAN SE. Retrieved 2012-02-22. 
  17. ^ "MAN becomes a European stock corporation". www.man.eu. MAN SE. 2009-05-26. Retrieved 17 December 2009. 
  18. ^ "VW motors ahead with MAN-Scania truck merger plan". Reuters. May 31, 2011. Retrieved August 16, 2011. 
  19. ^ "VW Moves on Trucks". Wall Street Journal. July 5, 2011. Retrieved August 16, 2011. 
  20. ^ "VW Claims Victory". Commercial Motor. 2011-11-27`. Retrieved 2011-11-28.  Check date values in: |date= (help)
  21. ^ "Volkswagen hikes majority stake in truckmaker MAN". 2012-04-13`. Retrieved 2012-05-10.  Check date values in: |date= (help)
  22. ^ "Volkswagen Group increases its share of voting rights in MAN SE to 75.03 percent". 2012-06-06`. Retrieved 2012-06-06.  Check date values in: |date= (help)

External links[edit]