Continue to be a technological leader in innovation and development
We aim to continue our technological leadership by developing and bringing new, innovative products and solutions to the market, continuously improving our existing product and service offering and remaining committed to high industry quality and technological standards in our innovation and development activities.
Capitalize on international footprint
We have expanded our international presence in recent years and plan to capitalize on our global presence, comprising 14 production and MRO sites in nine countries, located near our customers to allow for short lead times. With our well-invested production facilities equipped with modern machinery and fully integrated engineering and production capabilities, we remain focused on growing with our customers and meeting their needs wherever they are located.
Further penetrate aftermarket services market to drive margins
We aim to leverage our position as a leading global provider of highly efficient propulsion and drive train technology to capture an increasing share of the addressable aftermarket services market. With our ability to provide the required test benches by our own testing capabilities, we are able to provide the complete MRO infrastructure as well as the training required.
Maintain focus on operational excellence and efficiency
We plan to continue our focus on design and productivity improvements as well as procurement savings to improve our operational excellence. Since the start of 2023, we are in the process of implementing over 120 cost saving projects and continuously monitor the progress we are making through a comprehensive framework and tracking of key performance indicators.
Commitment to sustainability
We are committed to a strategy of sustainable development in line with our broader mission to address the global ambition, and support our customers’ ability, to achieve a carbon net zero future. We aim to facilitate the Energy Transition with our products.
Pursue growth opportunities through selective acquisitions
We intend to continue to grow our business through selective acquisitions in line with our disciplined approach and clearly defined investment criteria. Our acquisition strategy is primarily focused on regional expansion, product portfolio expansion and technological innovation.
RENK was founded by Johann Julius Renk in 1873 in Augsburg, Germany, as a small workshop for the mechanical production of gear wheels. RENK was transformed into a stock corporation in 1897, and in 1923 RENK became part of the MAN Group. Following the majority takeover of MAN SE by Volkswagen Aktiengesellschaft in 2011, RENK also became a member of the Volkswagen Group.
Since the 1970s, RENK has continued to expand its global footprint, production capacities and international sales and services offering. For example, in 1986 RENK expanded its business and production capabilities via a partnership with the Franz Tacke KG with its production site in Rheine, Germany and in 2007 acquired the gear unit manufacturer RENK-MAAG GmbH based in Winterthur, Switzerland. We have further acquired, established and expanded operations around the world, including in Guaramirim (Brazil), Bengaluru (India), Busan (Korea), Abu Dhabi (United Arab Emirates), Shanghai (China), Vlissingen (the Netherlands), Saint-Ouen-l’Aumône (France), Istanbul (Turkey) as well Camby and Duncan (United States).
In April 2019, RENK acquired the military vehicle suspension systems provider Horstman Group, which added to our development and manufacturing capacity in the United Kingdom and the United States. It also provided us with a technology hub in Canada and improved the Group’s access to new defense markets. RENK also acquired a minority stake in Modest Tree, a technology leader in developing virtual- and augmented reality applications and software without coding (e.g., to create immersive training solutions), thereby strengthening its digital capabilities.
In January 2020, Triton entered into a definitive agreement to acquire a 76% shareholding in the former RENK AG from the Volkswagen Group. In connection with the acquisition, RENK GmbH also acquired shares in the former RENK AG representing approximately 15% of the entire outstanding share capital by way of a voluntary public takeover offer. Following completion of the acquisition and voluntary public takeover offer in October 2020, RENK GmbH initiated a merger squeeze-out process, which was completed in February 2021.
In March 2021, RENK acquired CPS of L3Harris Technologies, Inc. Through this acquisition, RENK significantly strengthened its position in the large US market for military vehicles.
In January 2023, RENK, through its suspension systems specialist Horstman Inc., acquired General Kinetics, which has since been merged with Horstman Inc. General Kinetics is a provider of suspension and vibration mitigation solutions for wheeled and tracked military vehicles. Following its acquisition, the business of General Kinetics has become part of our VMS Segment.
Since the acquisition by Triton in 2020, and taking into account all acquisitions effected thereafter, we have invested approximately €500 million into acquisitions, R&D and Capital Expenditure.
RENK Group AG ist a globally leading manufacturer of mission-critical drive solutions across diverse civil and military end markets. Our company factsheet provides an overview of relevant information.
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RENK Group AG
Ingo Schachel, Head of Investor Relations