Cross Holding Now Holds 89.2% of KTM
December 28, 2004
Filed under Features
Austrian industrial investment company Cross Holding AG says it has acquired 48.9% interest in Austrian motorcycle manufacturer KTM. The company, which purchased the stock from British venture capital company BC Partners, now owns 89.2% of the manufacturer. KTM CEOs Stefan Pierer and Rudolf Knuenz have a majority interest in Cross Holding AG, which was founded 1990.
Terms of the deal were not disclosed. However, Cross Holding recently increased its capital by approximately Euro 57 million for the purpose of buying the British firm's stake in KTM.
KTM posted sales of Euro 402.4 million for its fiscal year ended Aug. 31, 2004. The company said it sold 76,815 units worldwide. After-tax profits were up 52% to Euro 26.8 million; Earnings Before Interest and Tax (EBIT) were up 5% to Euro 2.1 million.