7 million euros for cleantech and innovation
After closing – Punch Powertrain nv ('Punch Powertrain'), OEM developer and manufacturer of continuously variable transmissions (CVTs) for cars, and the Investment Company for Limburg (‘LRM’) have announced that LRM is to become a shareholder in Punch Powertrain via a 7-million-euro capital increase. LRM is acquiring a 30% stake. The new funds will be used to finance the development of the new generation of CVTs and hybrid powertrains.
On the occasion of the capital increase, Punch Powertrain’s Board of Directors is to be enlarged: LRM will be represented by Stijn Bijnens and an independent director will also be taken on:
“Targeted innovation is a necessity. Our innovation and development programmes focus on raising efficiency and reducing carbon emissions. This extra financing represents valuable support for those programmes,” explains Cor Van Otterloo, CEO of Punch Powertrain. “We are currently working not just on the next eneration of CVT, but also on an extremely compact and efficient fully hybrid powertrain for A-, B- and C-class vehicles. A driving
prototype is scheduled for July 2009.”
Stijn Bijnens, Managing Director of LRM: “Cleantech is one of our spearhead sectors, so the acquisition of this stake fits perfectly with our investment policy. We have high expectations of the new-generation CVTs and hybrid powertrains currently being developed by Punch Powertrain.”
Guido Dumarey, CEO of principal shareholder Punch International: “The automobile sector has mainly been in the news for negative reasons recently. The participation of a strong party such as LRM is encouraging for everyone involved with Punch Powertrain and affirms the technical strategy choices we have made in past years.”
About Punch Powertrain
Punch Powertrain, formerly ZF Sint-Truiden, is an OEM developer and manufacturer of continuously variable transmissions and hybrid powertrains for cars. Through long-term innovation, Punch Powertrain strives to optimise the impact of its products and services on man and the environment. For the development of the new generation of CVTs and hybrid powertrains, optimal performance, minimal fuel consumption and emissions and enjoyable driving are central. Punch Powertrain is a subsidiary of the listed, diversified industrial holding company Punch International. It has sites in Sint-Truiden, Belgium and Nanjing, China. www.punchpowertrain.com.
About LRM
The Investment Company for Limburg (LRM) supports the economic development of Limburg, Belgium, with its expertise in business financing, property and project development. Via its Business Financing Department, it provides venture capital to local and foreign companies which invest in Limburg, as well as funding and supporting management buy-outs and buy-ins. The current LRM Business Financing portfolio consists of more than 60 companies. The Property and Project Development Department invests in long-term projects relating to property, infrastructure, industrial land, utilities and urban development.
For more information
Wim Deblauwe
CFO
Punch International
Koperstraat 1A
9830 Sint-Martens-Latem - Belgium
Tel.: +32 (0)9 243 48 40
Fax: +32 (0)9 243 48 48
Xavier Delandshere
Investment Manager
LRM
Kempische Steenweg 555
3500 Hasselt - Belgium
Tel.: +32 (0)11 24 68 01
Fax: +32 (0)11 24 68 50