Strategic Partnership in Fast-Growing Markets of Water Treatment and Renewable Energy  

The companies RENA and Stulz H+E (Germany) are forming a strategic partnership. This enables RENA to establish a second strategic pillar alongside its solar business. RENA sees great potential in the partnership with Stulz H+E in the fast-growing markets of water treatment and renewable energy. The German Cartel Office has already approved the transaction, which is expected to complete in the second half of 2012. All parties have agreed not to disclose the financial details of the transaction.

The Stulz family is incorporating its Stulz H+E shares, held via Sigma BS GmbH, into RENA with a capital increase. RENA, by completing a capital increase at Stulz H+E and taking over the stake in Stulz H+E held by Landeskreditbank Baden-Württemberg – Förderbank (L-Bank), will own 94% of the Stulz H+E equity. The remaining 6% will be retained by the Stulz H+E management.

RENA is a supplier of production systems for the wet chemical processing of substrates for the photovoltaics and semiconductor industries and for circuit board and medical technology. In the 2011 business year, the company recorded a total output of about EUR 400m. The Stulz H+E Group is a technological leader in water, sewage and process technology systems for industrial and municipal customers as well as waste-to-energy systems, with a rapidly growing international presence. In the 2010/2011 business year Stulz H+E recorded a total output of around EUR 250m. Both companies, from the Black Forest in Germany, promote the use of sustainable environmental technologies and renewable energy sources.

Jürgen Gutekunst (51), RENA Managing Director, said: "The businesses of RENA and Stulz H+E complement each other extremely well. Through the partnership we are reducing our dependence on industrial cycles and making more efficient use of our current production capacities. Together we will unlock new growth potential for both companies."

RENA and Stulz H+E both work with machines and systems for fluids such as water and chemicals, but each produce for complementary applications and industries. The partnership therefore follows a clear strategic and industrial logic. All business units of both firms will be able to benefit from one another. For instance, RENA's existing sales structure can be used to sell water recycling systems. In addition, RENA's manufacturing capacities and expertise can help to standardise Stulz H+E products and technologies in other areas, thus opening up new markets in partnership.