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Capital market-relevant press releases, 2002-07-24, 02:00 AM

Thyssen Aufzüge and Tepper Aufzüge plan joint venture

・ With effect from April 1, 2003
・ Antitrust review pending
・ Synergies for more market success in North Rhine-Westphalia

Neuhausen/Münster.- Thyssen Aufzüge GmbH, Neuhausen, intends to purchase the shares of Westphalian elevator manufacturer Josef Tepper Aufzüge GmbH & Co. KG effective April 1, 2003, announced the two companies in Neuhausen and Münster today. The acquisition is still subject to antitrust review. Thyssen Aufzüge, which reported sales of about 420 million eurolast fiscal year (October 1, 2000 to September 30, 2001) and employs 4,200 people, aims to strengthen its position in Germany. "Tepper", said Thyssen Aufzüge chairman Dr. Clemens Kolbe, "is a well-known brand in North Rhine-Westphalia. The corporate culture as well as the high product quality and good customer relations will suit to us perfectly. We are proud to have this company with ist long tradition in our group."

Initial synergies will be achieved in the areas of purchasing, sales, production, installation, administration, development and training as well as customer relations and customer care. "We expect a large number of these synergies and cost savings in network with Thyssen Aufzüge GmbH," said Dr. Dieter Offergeld, chairman of the board of the Westphalian elevator manufacturer, "which will ultimately result in greater joint market success in Germany." Tepper Aufzüge, with around 300 employees, is the biggest elevator manufacturer in North Rine-Westphalia, and the market leader in Northwest-Germany, Berlin and former East Germany.

Thyssen Aufzüge belongs to one of the world`s largest elevator companies, Düsseldorf-based ThyssenKrupp Elevator AG, currently world number three. With approximately 160 German and foreign subsidiaries and more than 29,000 employees, ThyssenKrupp Elevator reported sales of more than 3.5 billion euros last fiscal year. "In recent years", says ThyssenKrupp Elevator executive board chairman Gary Elliott, "our segment of the ThyssenKrupp Group has grown very strongly through the integration of medium-size companies. We are pursuing this strategy with success in Germany too. With our new partner we expect a further key strengthening of our market position."

The capabilities of ThyssenKrupp Elevator AG include a complete product service, the production of passenger and freight elevators, passenger boarding bridges and stair lifts, as well as escalators and moving walks for residential and office buildings, shopping malls, exhibition centers, airports and train stations.


Michael Bierdümpfl
ThyssenKrupp Elevator AG
Fon +49 (211) 824-36817
Fax +49 (211) 824-36839

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