Rating increase by Euler Hermes to BBB, outlook stable
SAF-HOLLAND: Rating increase by Euler Hermes to BBB, outlook stable
* Strong improvement in capital structure after capital measures in 2012
* Positive evaluation of high market shares in Europe and North America
* Stable economic conditions in core markets expected
* Business Unit Aftermarket stabilizes Group result
Luxemburg, September 24, 2013 - The rating agency Euler Hermes increased
its rating for the globally active supplier to the truck and trailer
industry, SAF-HOLLAND, from BBB- to BBB. For the next twelve months a
stable development of the rating is expected.
In explaining its position for the rating increase Euler Hermes cites the
strong improvement in capital structure of the Group after refinancing,
placement of the bond and capital increase during financial year 2012. In
addition, the high market shares in Europe and North America were assessed
positively. The combination of the global service network of the Business
Unit Aftermarket with the global production network of the Group led to
further improvements of the good market positions of the Business Units
Trailer Systems and Powered Vehicles Systems in 2012. The positive order
situation of these segments and the expected stable economic conditions in
the core markets of SAF-HOLLAND will result according to Euler Hermes to an
increasing market penetration for all Business Units. Furthermore, it was
evaluated positively that with the increasing share of the less cyclical
Business Unit Aftermarket Business the Group's results will be more
stabilized.
'For us, the rating increase from BBB- to BBB, outlook stable confirms,
that we are on the right way with our solid capital structure and the
consequent implementation of our strategy to further explore our markets',
says Wilfried Trepels, CFO of SAF-HOLLAND.
Company Profile:
With turnover of approximately EUR 860 million in 2012 and more than 3,000
employees, SAF-HOLLAND S.A. is one of the world's leading manufacturers and
suppliers of premium product systems and components primarily for trailers
as well as trucks, buses and recreational vehicles. The product range
encompasses axle and suspension systems for trailers, coupling devices,
kingpins and landing legs. SAF-HOLLAND sells its products on six continents
to Original Equipment Manufacturers (OEMs) in the replacement parts market
and, in the aftermarket business, to the OEM's Original Equipment Suppliers
(OESs), as well as by means of a global service and distribution network.
Through this network, SAF-HOLLAND re-sells its products to end users and
service centers. SAF-HOLLAND has thus established itself as one of the few
manufacturers in its sector that is internationally positioned with an
extensive product range and a broad service network. SAF-HOLLAND S.A. is
listed in the Prime Standard of the Frankfurt Stock Exchange and is among
the stocks in the SDAX (ISIN: LU0307018795).
Contact:
SAF-HOLLAND GmbH
Claudia Hoellen
Hauptstraße 26
63856 Bessenbach
Phone +49 6095 301-617
claudia.hoellensafholland.de
End of Corporate News