Voith Completes Sale of Industrial Services

Voith, Germany, has completed selling of the Group Division Voith Industrial Services to funds advised by the private equity investment firm Triton. The parties have agreed not to disclose the purchase price. Triton acquires a majority stake in the entire Group Division and will continue the business under a new name. Voith remains engaged with a minority stake and will accompany the transition.

Within the framework of its group-wide success program Voith 150+, Voith had announced in 2015 that it would focus its portfolio on its technology and engineering competency for the digital age and to look for a new owner for Voith Industrial Services

In May 2016, Voith and Triton had reached a basic agreement on the sale of the Group Division Voith Industrial Services and signed a corresponding contract which was closed on Aug. 31, 2016. "The selling of Voith Industrial Services is another milestone on our way to making our company a shaper of digital change in the industry. We are working consequently on our digital agenda and have made a good step forward with the closing," Voith noted in a press release.

On the occasion of the closing of the contract, Hubert Lienhard thanked the more than 17.000 employees of Voith Industrial Services: "On behalf of the Corporate Board of Management and the entire Voith staff, I would like to thank all Voith Industrial colleagues for their longstanding loyalty and dedication," he said.