BORSIG GmbH signs contract for sale of BORSIG ZM Compression GmbH

BORSIG GmbH signed a purchase contract on 27.08.2019 for the sale of its subsidiary BORSIG ZM Compression GmbH ("BZM"). Buyer is an INGC Group company Iskra-Neftegaz Compressor Limited Liability Company, "INGC", Russian Federation. The purchase contract is to be completed later this year. Since 2004 the company BZM in Meerane has been part of the BORSIG Group, headquartered in Berlin. During this time, the company has developed into a globally active specialist supplier for reciprocating and integrally geared centrifugal compressors. INGC is active, inter alia, in the compressor business on the Russian market. The sale to INGC will provide BZM with targeted access to the important market in Russia and the CIS. This also includes the possibility to carry out individual production steps, such as final assembly, locally, which is more and more a prerequisite for successful market access. This is intended to secure and expand BZM's business in the long term. The sale is also part of BORSIG´s strategy of further expanding its longstanding successful core business units and its product portfolio through targeted new developments and acquisitions in other future-oriented areas. BZM will remain part of the BORSIG Group until completion of the purchase.. As soon as the purchase has been completed we will inform you again.