Thanks for reminding about the Noske-Kaeser that made me research more into the entire deal. All the data is collated from sources online and was little difficult due to it being a niche company . And well i think the shrewd guys at Lloyd might want to make this the next Lloyd AC brand.
All data is collated from online free sources and the basis are my understandings which may or may not be true
Lets get to the heritage of this company Noske-Kaeser
Formed in 1879 For more than 135 years, NOSKE-KAESER has developed innovative solutions to meet the challenges of the shipbuilding and offshore industry. We provide globally recognized leading-edge technology in the areas of air conditioning/ventilation, CBRN protection, refrigeration technology, fire protection and pipe systems, as well as comprehensive worldwide service - everything from a single source and always tailored to your needs. Whether naval vessels, merchant and special-purpose ships, passenger ships and mega yachts or offshore platforms: NOSKE-KAESER is your partner for customized solutions. ( Source Website https://www.noske-kaeser.com/en.html)
Noske-Kaeser is a leading supplier of HVAC and fire protection technology for ships.
The company is the main supplier of the German Navy and has also participated in the
Offshore area & made a namePioneering work was done by Noske-Kaeser von
Even more than 135 years later they are Internationally recognized suppliers of air-conditioning, refrigeration,
Ventilation, piping, fire extinguishing and CBRN protection technology due to its high innovative power. Companies who were their clients include Meyer-Werft, Siemens or ThyssenKrupp. ( Source : www.vsm.de/sites/default/.../vsm-schiffbauindustrie_02-2015.pdf )
The ThyssenKrupp sold Noske-Kaeser to Naske-Kaeser to financial investors. Buyer is Titan Hunter European Investments: a company that is equally owned by the New Zealand investment companies Titan 1 and Hunter Capital during 2006 .In financial year 2004/2005, Noske-Kaeser generated sales of 53 million euros with 340 employees. During 2009-10 when the company went into liquidation it was estimating a turnover of 50 million euros.
Why did the company became insolvent ?
Dint find much data but one thing for sure would be the Global Recession impacting the sales .But apart from it
The biggest reasons if articles are to be believed was the change Management in 2006 from Thysen Group to some New Zealand based owners Hunter European Investments: a company that is equally owned by the New Zealand investment companies Titan 1 and Hunter Capital. Their vision in 2006 “The new owner of Noske-Kaeser wants to lead the company on an expansion course. David Porier, CEO of Titanhunter European Investments, said the company’s primary goal was a significant increase in sales. This also involves the creation of new jobs. “With the success of the company, which we want to achieve with a new structure, we will also need more employees,” says Porier” ( Source : http://www.abendblatt.de/wirtschaft/article107131606/Noske-Kaeser-aus-Hamburg-verkauft.html )
However maybe due to inefficiency of these Foreign Investors the debts totaled 120 million euros and the company had file for insolvency. The Directors of the Titan 1 had charges of Fraud labeled back in New Zealand and the company went out of business.
Rising from the Ashes
The rivival plan was chalked out as indicated in one of the reports (Schiffbau Industrie II/2015 - vsm) from 2010 itself whereby focus was put on innovation and technology again to the frorefront
Google Translator bare the inconvinieance
Noske-Kaeser has not least shown itself in the offshore-
As a provider of HVAC and fire protection
A name made. "We have been since 2010
Active in this market and one of the world 's largest
Few companies operating both climate and
Refrigeration and fire extinguishing systems
Offshore platforms and wind power plants
On the high seas from one source, "says Matthes.
"This benefits our customers, because
They not only save time but also money. "
With Noske-Kaeser at their side, Windpark-
And platform operators a competent
Contact for both segments. Nice
In the concept and design phase, the Noske-
Kaeser technology to the basic conditions
On site. "Especially in the offshore sector
Man and machine are permanently high
Exposure. Our equipment and
Customized systems for active fire protection,
Fire detection and automatic fire extinguishing
Or our air treatment plants
Are very helpful here. They create optimal operating conditions.
Downtime can be minimized
And the life of the technique is increased "
Their continued innovation CBRN Market , HyFEx® ( Fire Extiguishing Systems ) & COILAN show the intent of the company on growing through Innovations
Then why sale the Railway Business
I think it was a decision taken to focus on their core products ie shipbuilding and remove the dependance on non-core assets .
As soon as the brand was reviving in the international market they planned to hive of their investments in the Railway and Vehicle business and thats where Llyod stepped in .
Well is it a 50 million euro business ?
No not at all . Even if i am to assume that their core business is generating even 20 mIllion Euros today the business might not even be 10% of their total revenues . Llloyd has entered 5 continents with this acquisition if I am not mistaken but out that only the New Zeland Australia belt and Germany operations seem to be up and running . The brazilian subsidiary is taken it has no meaningful business at the time being and dint get any idea on what their operations are like in US .
interestingly found good and promising information about their New Zealand operations which Llyod has bought .
The last 12 months ended was Sept 2015 . To Match with Lloyds financials the financial year ending was changed to March and 6 months from Oct 2015 to Mar 2016 is available on public domian (https://www.companiesoffice.govt.nz/companies/ ) . The below screenshot will give u a brief idea about the performance of the company
the business taken over by Lloyd comparables are for 12 month but the latest AR has only 6 months so for a meaningul comparision we may need to wait for this years AR to be out
The loss in the last 6 months is attributable due to the items marked in red
Revenues and Expenses of Discontinued Ops are identified using Sept 2015 AR values and reducing the Revenues & Exps Reflected in AR of March 2016 Comparables column
4, GP Margin for the businesses are provided in Blue
Though discontinued business revenues appear nothing much has been taken from Assets apart from some Human Resources and Repayment of Advance from Holding Company. FA remains with business taken over by Lloyd
The company shows sales to NZ/Aus Marine Company still held by Norse-Kaeser
Detailed ARs for all years can be found here
Silverlings for the company
- Great Brand
- Huge demand upcoming for Metro and A/C Rail Carriages in India
- Increase in Global Operations
- Lloyds intension to get into Defense and Shipping sector
- A good 17cr investment ( 2million Euro bet)
- AR of the NZ subsidiary has been growing since 2012 except the loss in the last 6 months
The tie-up may have started to bear fruits already .