Masterflex Sells e-Bike Business

GELSENKIRCHEN, Germany – German stock-market-listed Masterflex AG concluded an agreement for the sale of its 51% equity interest in Berlin-based Clean Air Bike GmbH and its 100% share in Velodrive GmbH located in Herten. According to a press release: “The contract was drawn up with the usual provisions for the relevant transactions. The transfer of the equity interests is expected to take place shortly“.

Masterflex announced already in 2010 that due to a complete company restructuring they want to sell their mobility unit and concentrate on its core business of high-tech hoses and connector systems.

Clean Air Bike GmbH - maker of Cargobike - is a joint-venture of Masterflex AG and German bicycle supplier Hawk Bike E&M GmbH. Hawk GM Lorenz Hoser is also Co-GM of Clean Air Bike. Asked if he could name the company taking over now the complete Masterflex e-bike business, Hoser says that the investor group will be introduced very soon.

The only mobility unit activity still remaining within Masterflex Group is its fuel cell technology division (being used by Cargobike): “Masterflex is also planning either to dispose of this division or to seek for a joint venture with a strong partner.”

Last year when Masterflex decided to sell its entire mobility unit it already showed as a discontinued business in its 2010 financial report. “Write-downs were fully taken into account in 2010”, is noted in the press release. Means also that the sale will not result in any further burden for the Gelsenkirchen-based Masterflex AG.