(Finance) – Iveco Groupmanufacturer of commercial vehicles, buses and defense vehicles, e Mutaresa German investment holding company specializing in turnaround operations, have reached a binding agreement for the transfer of ownership of Magirus GmbH and its subsidiaries operating in the firefighting sector (MAGIRUS).
MAGIRUS, historic German manufacturer of firefighting vehicles, produces and sells specialized vehicles and equipment, employing more than 1,300 people in Germany, Italy, France and Austria. In 2023, MAGIRUS contributed to Iveco Group revenues by approximately 2 percentage points, recording a adjusted EBIT negative of 35 million of Euro.
The transaction is expected to be completed no later than January 2025. Following the transfer, Iveco Group’s results will be affected impact equal to approximately -115 million euros in the first quarter 2024. This one-time negative effect will be excluded from all adjusted metrics.
MAGIRUS – we read in a note – will leave the Iveco Group perimeter and will continue its path towards the future of the firefighting business in full autonomy. In its new proprietary configuration, it will be more flexible and agile in seizing business opportunities, and will be able to embark on a renewed, stable and healthy path. “This opens a new chapter in the long history of the brand, which will be able to compete even more effectively and efficiently in its specific market”, it is underlined.