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DORMA Acquires 51% Stake in New Kynast Owner MBB Gelma

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ENNEPETAL, Germany (15 August 2000) — The DORMA Group, globally specialized in door control, door automation, security, locks and door fittings, has acquired a 51% share in MBB Gelma GmbH, the new owner of German bike manufacturer Kynast. The deal took place on 1 August. The partnership is subject to the approval of the Cartels […]

ENNEPETAL, Germany (15 August 2000) — The DORMA Group, globally specialized in door control, door automation, security, locks and door fittings, has acquired a 51% share in MBB Gelma GmbH, the new owner of German bike manufacturer Kynast. The deal took place on 1 August. The partnership is subject to the approval of the Cartels Office. Based in Bonn, MBB Gelma recently made its entry into the bicycle world with the acquisition of Kynast. From 1 October on MBB Gelma will take over all of Kynast’s assets. MBB Gelma has developed into a leading company for electronic time recording and access control systems in Europe after being sold by the Daimler-Benz Group in 1997 and acquiring the Time&Access branch from Hengstler GmbH in 1998. The company had a total turnover of DEM 63.5 million in 1999. According to a recent release, DORMA and MBB Gelma will look to exploit synergies “around the door.” DORMA will lead the new majority holding as an independent company with the current shareholders of MBB Gelma Dr. Christof Nesemeier and Gert-Maria Freimuth as managing directors.(JW)

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