Friday 14 June 2013

14 June 2013 - German engineering group Duerr AG (FRA:DUE) said today it had agreed to acquire domestic environmental technology specialist Luft- und Thermotechnik Bayreuth GmbH (LTB) for an unspecified amount.

The transaction, with a retroactive effect from 1 June 2013, will enhance the offering of the company's clean technology systems division and bolster its position in exhaust air purification technology, the buyer said. According to Ralph Heuwing, Derr's CFO, the combination will create synergies in procurement and development.

The target posted revenues of EUR24m (USD39m) last year with 120 employees. In March it filed for insolvency due to huge costs and delays in major projects.

The deal, which does not include the assumption of liabilities, is subject to regulatory approval, the buyer added.