Obligation Derr AG 2.875% ( XS1048589458 ) en EUR

Derr AG

100 % ▲

Allemagne

XS1048589458 ( en EUR )

2.875% par an ( paiement annuel )

02/04/2021 - Obligation échue

Prospectus brochure de l'obligation Dürr AG XS1048589458 en EUR 2.875%, échue

1 000 EUR

300 000 000 EUR

DRR AG est une entreprise suisse spécialisée dans la gestion de risques et la réassurance.

L'Obligation émise par Derr AG ( Allemagne ) , en EUR, avec le code ISIN XS1048589458, paye un coupon de 2.875% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 02/04/2021

This Prospectus is dated 21 March 2014
Dürr Aktiengesellschaft
(Stuttgart, Federal Republic of Germany)
EUR [] [] per cent fixed rate notes due 2021, issue price: [] per cent
Dürr Aktiengesellschaft, Carl-Benz-Strasse 34, 74321 Bietigheim-Bissingen, Germany (the "Issuer" or "Dürr AG"),
will issue on or about 3 April 2014 (the "Issue Date") EUR [] [] per cent fixed rate notes in bearer form due 2021
(the "Notes") with a denomination of EUR 1,000. The Notes will be governed by the laws of the Federal Republic of
Germany ("Germany").
This prospectus (the "Prospectus") constitutes a prospectus within the meaning of Article 5.3 of the Directive
2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as amended, inter alia, by Directive
2010/73/EU) (the "Prospectus Directive"). This Prospectus will be published in electronic form together with all
documents incorporated by reference herein on the website of the Luxembourg Stock Exchange (www.bourse.lu).
This Prospectus has been approved by the Commission de Surveillance du Secteur Financier of the Grand Duchy of
Luxembourg (the "CSSF") in its capacity as competent authority under the Luxembourg law relating to prospectuses
for securities (Loi du 10 juillet 2005 relative aux prospectus pour valeurs mobilières), as amended, (the "Luxembourg
Prospectus Law"), which implements the Prospectus Directive into Luxembourg law. Pursuant to Article 7(7) of the
Luxembourg Prospectus Law, by approving this Prospectus, the CSSF gives no undertaking as to the economic and
financial soundness of the transaction and the quality or solvency of the Issuer. The Issuer has requested the CSSF
to provide the competent authorities in Germany, Austria and The Netherlands and may request to provide competent
authorities in additional host Member States within the European Economic Area with a certificate of approval
attesting that the Prospectus has been drawn up in accordance with the Luxembourg Prospectus Law (the
"Notification").
Application has been made to the Luxembourg Stock Exchange for the Notes to be admitted to trading on the
Luxembourg Stock Exchange's regulated market and to be admitted to the official list of the Luxembourg Stock
Exchange (the "Official List"). The Luxembourg Stock Exchange's regulated market is a regulated market for the
purposes of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in
financial instruments, as amended.
The final issue price, the aggregate principal amount of Notes to be issued, the interest rate, the issue proceeds and
the yield will be included in the Pricing Notice (as defined in "SUBSCRIPTION, SALE AND OFFER OF THE NOTES"
below) which will be filed with the CSSF and published on the website of the Luxembourg Stock Exchange
(www.bourse.lu) on or prior to the Issue Date of the Notes.
The Notes have been assigned the following securities codes:
ISIN XS1048589458, Common Code 104858945, WKN A1YC44.
The Notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act") and the Notes are in bearer form that are subject to U.S. tax law requirements. Subject
to certain exceptions, the Notes may not be offered, sold or delivered within the United States of America
("United States") or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the
U.S. Securities Act ("Regulation S")).
Investing in the Notes involves certain risks. See "Risk Factors" beginning on page 37.
Joint Lead Managers
Deutsche Bank
HSBC
Co-Managers
Commerzbank
Landesbank Baden-Württemberg
UniCredit Bank
1

RESPONSIBILITY STATEMENT
Dürr Aktiengesellschaft (the "Issuer" or "Dürr AG" and together with its consolidated
subsidiaries the "Group" or the "Dürr Group") accepts responsibility for the information
contained in this Prospectus and hereby declares that, having taken all reasonable care to
ensure that such is the case, the information contained in this Prospectus is, to the best of its
knowledge, in accordance with the facts and does not omit anything likely to affect its import.
The Issuer further confirms that (i) this Prospectus contains all information with respect to
the Issuer, the Dürr Group and the Notes which is material in the context of the issue and
offering of the Notes, including all information which, according to the particular nature of the
Issuer and of the Notes is necessary to enable investors and their investment advisers to
make an informed assessment of the assets and liabilities, financial position, profits and
losses, and prospects of the Issuer and the Dürr Group and of the rights attached to the
Notes; (ii) the information contained in this Prospectus relating to the Issuer, the Dürr Group
and the Notes is accurate and complete in all material respects and not misleading; (iii) that
any opinions and intentions expressed herein are honestly held and based on reasonable
assumptions; (iv) there are no other facts in relation to the Issuer, the Dürr Group or the Notes
the omission of which would, in the context of the issue and offering of the Notes, make this
Prospectus as a whole or any of such information or the expression of any such opinions or
intentions misleading; and (v) reasonable enquiries have been made by the Issuer to
ascertain all such facts for the purposes aforesaid.
NOTICE
No person is authorised to give any information or to make any representations other than
those contained in this Prospectus and, if given or made, such information or representations
must not be relied upon as having been authorised by or on behalf of the Issuer or the
Managers (as defined in "SUBSCRIPTION, SALE AND OFFER OF THE NOTES"). Neither
the delivery of this Prospectus nor any offering, sale or delivery of any Notes made hereunder
shall, under any circumstances, create any implication (i) that the information in this
Prospectus is correct as of any time subsequent to the date hereof or, as the case may be,
subsequent to the date on which this Prospectus has been most recently supplemented, or (ii)
that there has been no adverse change in the financial situation of the Issuer which is material
in the context of the issue and sale of the Notes since the date of this Prospectus or, as the
case may be, the date on which this Prospectus has been most recently supplemented, or the
balance sheet date of the most recent financial statements which are deemed to be
incorporated into this Prospectus by reference or (iii) that any other information supplied in
connection with the issue of the Notes is correct at any time subsequent to the date on which
it is supplied or, if different, the date indicated in the document containing the same.
This Prospectus contains certain forward-looking statements, including statements using
the words "believes", "anticipates" "intends", "expects" or other similar terms. This applies in
particular to statements under the caption "DESCRIPTION OF THE ISSUER Business
Overview" and statements elsewhere in this Prospectus relating to, among other things, the
future financial performance, plans and expectations regarding developments in the business
of the Issuer. These forward-looking statements are subject to a number of risks,
uncertainties, assumptions and other factors that may cause the actual results, including the
financial position and profitability of the Issuer, to be materially different from or worse than
those expressed or implied by these forward-looking statements. The Issuer does not assume
2

any obligation to update such forward-looking statements and to adapt them to future events
or developments.
Certain numerical figures set out in this Prospectus, including financial data presented in
millions or thousands and percentages, have been subject to rounding adjustments and, as a
result, the totals of the data in this Prospectus may vary slightly from the actual arithmetic
totals of such information.
Furthermore, this Prospectus contains industry related data taken or derived from industry
and market research reports published by third parties ("External Data"). Commercial
publications generally state that the information they contain originated from sources
assumed to be reliable, but that the accuracy and completeness of such information is not
guaranteed and that the calculations contained therein are based on a series of assumptions.
The External Data have not been independently verified by the Issuer.
The External Data was reproduced accurately by the Issuer in the Prospectus, and as far
as the Issuer is aware and is able to ascertain from information published by that third party,
no facts have been omitted that would render the reproduced External Data inaccurate or
misleading. The Issuer does not have access to the underlying facts and assumptions of
numerical and market data and other information contained in publicly available sources.
Consequently, such numerical and market data or other information cannot be verified by the
Issuer.
This Prospectus should be read and understood in conjunction with any supplement
hereto and with any documents incorporated herein by reference. The final issue price, the
aggregate principal amount of Notes to be issued, the interest rate, the issue proceeds and
the yield of the issue will be included in the Pricing Notice (as defined in "SUBSCRIPTION,
SALE AND OFFER OF THE NOTES" below) which will be filed with the CSSF and published
on the website of the Luxembourg Stock Exchange (www.bourse.lu) on or prior to the Issue
Date of the Notes.
Neither the Managers nor any other person mentioned in this Prospectus, except for the
Issuer, is responsible for the information contained in this Prospectus or any other document
incorporated herein by reference, and accordingly, and to the extent permitted by the laws of
any relevant jurisdiction, none of these persons accepts any responsibility for the accuracy
and completeness of the information contained in any of these documents.
Each investor contemplating purchasing any Notes should make its own independent
investigation of the financial condition and affairs, and its own appraisal of the
creditworthiness of the Issuer. This Prospectus does not constitute an offer of Notes or an
invitation by or on behalf of the Issuer or the Managers to purchase any Notes. Neither this
Prospectus nor any other information supplied in connection with the Notes should be
considered as a recommendation by the Issuer or the Managers to a recipient hereof and
thereof that such recipient should purchase any Notes.
This Prospectus does not constitute, and may not be used for the purposes of, an offer or
solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or
to any person to whom it is unlawful to make such offer or solicitation.
The offer, sale and delivery of the Notes and the distribution of this Prospectus in certain
jurisdictions is restricted by law. Persons into whose possession this Prospectus comes are
required by the Issuer and the Managers to inform themselves about and to observe any such
restrictions. In particular, the Notes have not been, and will not be, registered under the
3

United States Securities Act of 1933, as amended (the "Securities Act"), and are subject to
special U.S. tax law requirements where held by U.S. persons (TEFRA D rules). Subject to
certain limited exceptions, the Notes may not be offered, sold or delivered within the United
States of America ("United States") or to U.S. persons.
For a further description of certain restrictions on offerings and sales of the Notes and
distribution of this Prospectus (or of any part thereof) see "SUBSCRIPTION, SALE AND
OFFER OF THE NOTES Sel ing Restrictions."
The legally binding language of this Prospectus is English. Any part of the Prospectus in
German language constitutes a translation, except for the terms and conditions of the Notes
(the "Terms and Conditions") in respect of which German is the legally binding language.
In this Prospectus, unless otherwise specified, all references to "", "EUR" or "Euro" are to
the currency introduced at the start of the third stage of the European economic and monetary
union, and as defined in Article 2 of Council Regulation (EC) No 974/98 of 3 May 1998 on the
introduction of the Euro, as amended, references to "USD" refer to the legal currency of the
United States of America.
IN CONNECTION WITH THE ISSUE OF THE NOTES, DEUTSCHE BANK AG, LONDON
BRANCH (OR PERSONS ACTING ON ITS BEHALF) MAY OVER-ALLOT NOTES OR
EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE PRICE OF THE NOTES
AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER,
THERE IS NO ASSURANCE THAT DEUTSCHE BANK AG, LONDON BRANCH (OR
PERSONS ACTING ON ITS BEHALF) WILL UNDERTAKE STABILISATION ACTION. ANY
STABILISATION ACTION MAY BEGIN AT ANY TIME AFTER THE ADEQUATE PUBLIC
DISCLOSURE OF THE TERMS OF THE OFFER OF THE NOTES AND, IF BEGUN, MAY BE
ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30
CALENDAR DAYS AFTER THE DATE OF THE RECEIPT OF THE PROCEEDS OF THE
ISSUE BY THE ISSUER AND 60 CALENDAR DAYS AFTER THE DATE OF THE
ALLOTMENT OF THE NOTES. SUCH STABILISING SHALL BE IN COMPLIANCE WITH
ALL LAWS, DIRECTIVES, REGULATIONS AND RULES OF ANY RELEVANT
JURISDICTION.
This Prospectus may only be used for the purpose for which it has been published.
This Prospectus may not be used for the purpose of an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not authorised or to any
person to whom it is unlawful to make such an offer or solicitation.
4

TABLE OF CONTENTS
SUMMARY....................................................................................................................... 6
GERMAN TRANSLATION OF THE SUMMARY (ZUSAMMENFASSUNG) .................... 20
RISK FACTORS ............................................................................................................ 37
USE OF PROCEEDS ..................................................................................................... 59
INFORMATION ABOUT DÜRR AG AS ISSUER............................................................ 60
TERMS AND CONDITIONS OF THE NOTES ................................................................ 84
TAXATION................................................................................................................... 112
SUBSCRIPTION, SALE AND OFFER OF THE NOTES ............................................... 121
GENERAL INFORMATION.......................................................................................... 128
INCORPORATION BY REFERENCE........................................................................... 130
NAMES AND ADDRESSES......................................................................................... 131
5

SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These elements are
numbered in Sections A E (A.1 E.7).
This summary contains all the Elements required to be included in a summary for this type of securities
and Issuer. Because some Elements are not required to be addressed, there may be gaps in the
numbering sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of
securities and Issuer, it is possible that no relevant information can be given regarding the Element. In
this case a short description of the Element is included in the summary with the mention of "not
applicable".
Section A Introduction and warnings
Element
Description of
Disclosure requirement
Element
A.1
Warnings
This summary should be read as an introduction to this Prospectus.
Any decision to invest in the Notes should be based on consideration
of this Prospectus as a whole by the investor.
Where a claim relating to the information contained in this Prospectus
is brought before a court, the plaintiff investor might, under the national
legislation of its member state to the Agreement on the European
Economic Area (EEA), have to bear the costs of translating this
Prospectus before the legal proceedings are initiated.
Civil liability attaches only to those persons who have tabled this
summary including any translation thereof, but only if this summary is
misleading, inaccurate or inconsistent when read together with the
other parts of this Prospectus or it does not provide, when read
together with the other parts of this Prospectus, key information in
order to aid investors when considering whether to invest in the Notes.
A.2
Consent to the Each of Deutsche Bank AG, London Branch and HSBC Bank plc
use of the
(each a "Joint Lead Manager" and together the "Joint Lead
prospectus
Managers") and Commerzbank Aktiengesellschaft, Landesbank
Baden-Württemberg and UniCredit Bank AG (each a "Co-Manager"
and together the "Co-Managers" and the Co-Managers together with
the Joint Lead Managers the "Managers") and each further financial
intermediary subsequently reselling or finally placing the Notes is
entitled to use the Prospectus in Austria, Germany, The Netherlands
and Luxembourg for the subsequent resale or final placement of the
Notes during the period from and including 24 March 2014 to and
including 7 April 2014, provided however, that the Prospectus is still
valid in accordance with Article 11 of the Luxembourg act relating to
prospectuses for securities (Loi relative aux prospectus pour valeurs
mobilières) which implements Directive 2003/71/EC of the European
Parliament and of the Council of 4 November 2003 (as amended, inter
alia, by Directive 2010/73/EU of the European Parliament and of the
6

Council of 24 November 2010) (the "Luxembourg Prospectus Law").
The Prospectus may only be delivered to potential investors together
with all supplements in accordance with Art. 13 of the Luxembourg
Prospectus Law published before such delivery. Any supplement to
the Prospectus in accordance with Art. 13 of the Luxemburg
Prospectus Law will be available for viewing in electronic form on the
website of the Luxembourg Stock Exchange (www.bourse.lu).
When using the Prospectus, each relevant further financial
intermediary must make certain that it complies with all applicable laws
and regulations in force in the respective jurisdictions.
In the event of an offer being made by a further financial
intermediary, the further financial intermediary shall provide
information to investors on the terms and conditions of the Notes
at the time of that offer.
Section B Issuer
Element Description
of
Disclosure requirement
Element
B.1
Legal and
Dürr Aktiengesellschaft is the legal and Dürr AG the commercial name
commercial
of the Issuer.
name
B.2
Domicile, legal
Dürr Aktiengesellschaft ("Dürr AG") is a German stock corporation
form,
(Aktiengesellschaft) incorporated and operating under the laws of the
legislation,
Federal Republic of Germany and domiciled in the Federal Republic
country of
of Germany.
incorporation
B.4b
Known trends
The Dürr Group estimates that automotive manufacturers are
affecting the
planning numerous investment projects. The automobile industry is
Issuer and the
expected to continue to grow, as indicated by public production growth
industries in
forecasts, by 6% in 2014 and 7% in 2015. The Dürr Group expects the
which it
construction of new automobile production plants to occur primarily in
operates
the emerging markets, where increased production capacity is
required. In addition, the Dürr Group expects an increasing demand
for maintenance and modernization investments in existing plants,
particularly in the established markets, because many automobile
production plants are outdated. On this basis, and in view of the high
number of orders on hand as well in view of the growth potential in the
service business, the Dürr Group considers the visibility of its course
of business for 2014 and 2015 as good.
B.5
Description of
Dürr AG acts as the holding company for the Dürr Group and
the Group and
performs group-wide functions as a management holding company.
the Issuer's
These include, for example, financing, group controlling and
7

position within
accounting, as well as legal affairs, internal auditing, corporate
the Group
communication, and human resources management. Group-wide
information technology is managed by Dürr AG's subsidiary Dürr IT
Service GmbH.
The Dürr Group's operating activities are organized into the four
divisions Paint and Assembly Systems, Application Technology,
Measuring and Process Systems and Clean Technology Systems,
which also form reporting segments as defined by the International
Financial Reporting Standards as adopted by the European Union
("IFRS").
B.9
Profit forecast
Not applicable. No profit forecasts or estimates are made.
or estimate
B.10
Nature of any
Not applicable. The auditor has issued unqualified audit opinions on
qualifications
the IFRS consolidated financial statements of Dürr AG for the fiscal
in the audit
years ended 31 December 2012 and 31 December 2013.
report on
historical
financial
information
B.12
Selected
The following table sets out selected financial information relating to
historical key
the Dürr Group. The information marked as "audited" has been
financial
extracted from the audited IFRS consolidated financial statements of
information
Dürr AG for the fiscal year ended 31 December 2012 and for the fiscal
year ended 31 December 2013, as well as from the audited group
management report of Dürr AG's Annual Report 2012 and from the
audited group management report of Dürr AG's Annual Report 2013.
Fiscal year 2013
Fiscal year 2012
(audited)
(audited)
(in EUR million, unless otherwise indicated)
Incoming orders(1)
2,387.1
2,596.8
Sales revenues
2,406.9
2,399.8
EBITDA(1)(2)
230.4
205.4
EBIT(3)
203.0
176.9
Profit of the Dürr Group
140.9
111.4
Cash flow from operating activities
329.1
117.6
Free cash flow(1)(4)
261.9
65.9
As of and for the fiscal year
As of and for the fiscal year
ended 31 December 2013
ended 31 December 2012
(audited)
(audited)
(in EUR million, unless otherwise indicated)
Total assets Dürr Group
1,991.8
1,807.7
Total Equity (incl. non-controlling
511.4
432.1
interests)
Net financial status(1)(5)
280.5
96.7
ROCE(1)(6)
66.2%
43.9%
Gearing ratio(7)
-121.5%
-28.8%
Employees
8,142
7,652
8

(1) Extracted from the audited group management report of Dürr AG's Annual Report 2013 and from the
audited group management report of Dürr AG's Annual Report 2012.
(2) "EBITDA" is defined as earnings before investment income, interest, income taxes, depreciation and
amortization (including impairment losses and reversals, excluding amortization taken into account in
the interest result). EBITDA is not defined by IFRS. Potential investors should take into consideration
that this figure is not applied in a consistent manner or standardized, that its calculation can vary and
that this figure by itself is not a basis to compare different companies. Furthermore it does not substitute
the financial key figures of the consolidated statement of income and the consolidated statement of
cash flows that were recognized in accordance with IFRS.
(3) "EBIT" is defined as earnings before investment income, interest and income taxes. EBIT is not defined
by IFRS. Potential investors should take into consideration that this figure is not applied in a consistent
manner or standardized, that its calculation can vary and that this figure by itself is not a basis to
compare different companies. Furthermore it does not substitute the financial key figures of the
consolidated statement of income and the consolidated statement of cash flows that were recognized in
accordance with IFRS.
(4) "Free cash flow" is defined as cash flow from operating activities less capital expenditure (purchase of
intangible assets plus purchase of property, plant and equipment) and interest paid, plus interest
received. Free cash flow is not defined by IFRS. Potential investors should take into consideration that
this figure is not applied in a consistent manner or standardized, that its calculation can vary and that
this figure by itself is not a basis to compare different companies. Furthermore it does not substitute the
financial key figures of the consolidated statement of income and the consolidated statement of cash
flows that were recognized in accordance with IFRS.
(5) "Net financial status" is defined as liquid funds (cash and cash equivalents plus time deposits and
other short-term securities plus held-to-maturity-securities and other loans) minus financial liabilities
(bond plus liabilities to banks). Net financial status is not defined by IFRS. Potential investors should
take into consideration that this figure is not applied in a consistent manner or standardised, that its
calculation can vary and that this figure by itself is not a basis to compare different companies.
Furthermore it does not substitute the financial key figures of the consolidated statement of income and
the consolidated statement of cash flows that were recognized in accordance with IFRS.
(6) "ROCE" is defined as EBIT as a percentage of capital employed. "Capital employed" is defined as
total non-current and current assets minus liabilities (excluding interest-bearing assets and liabilities
respectively). ROCE is not defined by IFRS. Potential investors should take into consideration that this
figure is not applied in a consistent manner or standardized, that its calculation can vary and that this
figure by itself is not a basis to compare different companies. Furthermore it does not substitute the
financial key figures of the consolidated statement of income and the consolidated statement of cash
flows that were recognized in accordance with IFRS.
(7) "Gearing ratio" is defined as negative net financial status as a percentage of equity minus net financial
status. Gearing ratio is not defined by IFRS. Potential investors should take into consideration that this
figure is not applied in a consistent manner or standardized, that its calculation can vary and that this
figure by itself is not a basis to compare different companies. Furthermore it does not substitute the
financial key figures of the consolidated statement of income and the consolidated statement of cash
flows that were recognized in accordance with IFRS.
Material
There has been no material adverse change in the prospects of Dürr
adverse
AG since 31 December 2013.
change in the
prospects of
the Issuer
Significant
As of 1 March 2014, employer's pension liability insurance with a fair
change in the
value of EUR 13.7 million was acquired at German entities of the Dürr
financial or
Group to reduce interest and longevity risks of further significant
trading
benefit obligations.
position
Other than this, there have been no significant changes in the
financial or trading position of the Issuer since 31 December 2013.
B.13
Recent Events
Not applicable: There are no recent events since the date of the last
published audited financial statements (31 December 2013) particular
to the Issuer which are to a material extent relevant to the evaluation
of the solvency of the Issuer.
B.14
Statement on Please refer to Element B.5 above.
dependency
Not applicable. The Issuer is the holding company of Dürr Group. It is
upon other
9

entities within not dependent upon other entities within Dürr Group.
the Group
B.15
Principal
Dürr AG is the holding company of the Dürr Group, which is,
activities
according to its own estimates, one of the world's leading suppliers of
products, systems, and services, mainly for automobile
manufacturing. The Dürr Group's range of products and services
covers important stages of vehicle production. As a systems supplier,
the Dürr Group plans and builds complete paint shops and final
assembly facilities. In addition to constructing complete plants, the
Dürr Group also supplies individual products and assembly sections
for paint shops and assembly facilities. These include, for example,
painting robots, car body drying ovens and paint booths, together with
testing, filling and assembly stations for final vehicle assembly. The
Dürr Group also delivers cleaning systems and balancing systems
that are mainly used in powertrain production. The Dürr Group's
offering in environmental technology comprises exhaust air
purification systems and systems to increase the energy efficiency of
production processes.
The Dürr Group consists of four divisions: Paint and Assembly
Systems, Application Technology, Measuring and Process Systems
and Clean Technology Systems. The four divisions are further
organized into a total of six business units, which operate 50 sites in
24 countries.
Paint and Assembly Systems
The Paint and Assembly Systems division is part of the Dürr Group's
plant engineering operations. Within the division, the Paint and Final
Assembly Systems business unit is responsible for the planning and
construction of turnkey paint shops and final assembly lines for the
automotive industry. As a systems partner, the business unit takes on
all project execution tasks, from layout and detailed planning to plant
commissioning. With reference to paint shop technology, Paint and
Final Assembly Systems supplies hardware and software solutions for
all process stages. The second, significantly smaller mainstay of the
Paint and Assembly Systems division is its aircraft production
technology operations. These activities are handled by the Aircraft
and Technology Systems business unit. Aircraft and Technology
Systems supplies systems for the assembly and painting of aircrafts.
In addition to painting technology, its core competence is the
development and construction of turnkey plants for positioning and
joining preassembled aircraft components.
Application Technology
The Application Technology division mainly operates in the
mechanical engineering sector. The division also acts as a business
unit called Application Technology. Application Technology operates
in three fields: paint application technology, sealing technology and
gluing technology. In technological terms the three fields have a
10