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BUCHER SELLS TO MOWAG

18 Nov 02. Bucher Industries is focusing its activities in the vehicle business of the Bucher Automotive Division on municipal vehicles and is selling off the DURO All-Terrain Transport Vehicles unit to MOWAG Motorwagenfabrik in Kreuzlingen The transaction is expected to be con-summated by the beginning of January 2003.

The DURO All-Terrain Transport Vehicles, originally designed for the Swiss Army, are successfully in operation worldwide as Ambulance and Logistic Transporters, including the British Army which has selected the vehicle for the Cormorant system.

This critical development area lies outside the core competence of Bucher Industries. With MOWAG AG in Kreuzlingen, an affiliate company of General Motors Defense in Canada, Bucher Industries has found an ideal Swiss partner to continue the tradition of the DURO All-Terrain Transport Vehicle and to fully utilize the potential for further development of protected DURO vehicles. The worldwide Marketing and Sales network of General Motors Defense offers a significant enhancement to the chances of success. With the sale of the DURO All-Terrain Transport Vehicle sector Bucher Automotive is implementing its consequent strategy of concentration and strengthening of its core business with municipal vehicles.

Philip Mosimann, CEO of Bucher Industries said, “In combination with the excellent customer relationships, know-how, the tradition and longstanding record of continuity, MOWAG is the ideal partner to operate the product line DURO with success in the future.”

For MOWAG the DURO represents an optimal extension of its product range together with the armoured wheeled vehicles PIRANHA and EAGLE. Jürg Gygax, CEO of MOWAG said, “The DURO is a successfully established and proven product. Today’s market, however, has an increasing requirement for protected vehicles, and this is a core competence of MOWAG. With the DURO sector, we will be in a position to optimally extend our product range and efficiently utilize the synergies of the individual models.” As Gygax further emphasised, MOWAG’s intentions are to further develop the DURO, especially with respect to improved protection for the vehicle occupants.

Provided that approvals of relevant authorities have been obtained consummation of the transaction will take place early January of next year. It has been agreed to treat the sales price confidential. During the course of the year 2003, MOWAG will transfer the DUROactivities to Kreuzlingen and offer the 30 personnel the possibility of transferring their respective workplaces to the Kreuzlingen facility. The Maintenance and Spare Parts Service for existing DURO customers will be continued without interruption through the worldwide MOWAG Organisation.

Bucher Industries Bucher Industries is a dynamic technology group active in the highly sophisticated engineering and specialised vehicle industries with a turnover of Swiss francs 1500m and 5762 employees. The group is listed at the Swiss stock exchange (SWX: BUC).

MOWAG Motorwagenfabrik AG in Kreuzlingen develops, designs, and produces state-of-the-art special vehicles for the Defense Market. More than 6’000 armoured wheeled vehicles of the type MOWAG PIRANHA and MOWAG EAGLE are in operation worldwide with around 20 customers. Since 1999 MOWAG belongs to General Motors Defense and employs approx. 500 people at the Kreuzlingen site.

Comment: This is good news for the DURO vehicle as the system now has access to the considerable skills at Mowag and GD Canada to develop the vehicle for the various military requirements. The UK will still be supported by Jack Allan Ltd for the various requirements. There is believed to be a considerable requirement for a vehicle of this type in Canada.

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