KPMG Law and KPMG advise ElringKlinger on joint venture with Plastic Omnium

KPMG Law Rechtsanwaltsgesellschaft mbH and KPMG AG Wirtschaftsprüfungsgesellschaft jointly advised ElringKlinger AG on the establishment of a fuel cell stacks joint venture with the French company Plastic Omnium S.A..

With the joint venture “EKPO Fuel Cell Technologies”, ElringKlinger and Plastic Omnium are pursuing the development and large-scale production of fuel cell stacks for CO2-neutral mobility. The company and production are based in Dettingen/Erms in Baden-Württemberg. ElringKlinger holds 60 percent of the new company, Plastic Omnium 40 percent.

ElringKlinger is contributing its Fuel Cell Stacks division to the joint venture. This includes more than 150 employees as well as extensive patents, research and development services and know-how. With a €100 million investment in the new company, Plastic Omnium intends to accelerate innovation, expand its commercial pipeline and increase production capacity.

As part of the agreement, Plastic Omnium will also acquire ElringKlinger’s Austrian subsidiary specializing in fuel cell system solutions (ElringKlinger Fuelcell Systems Austria GmbH – EKAT) for an enterprise value of EUR 15 million, thus complementing its global hydrogen strategy.

The advice provided by KPMG Law comprehensively covered the entire joint venture as well as the sale of EKAT. KPMG AG Wirtschaftsprüfungsgesellschaft provided tax advice and structuring. The agreement is still subject to approval by the antitrust authorities.

Advisor ElringKlinger AG

KPMG Law Rechtsanwaltsgesellschaft mbH, Germany: Lars A. Meixner LL.M., Lead Partner, Stuttgart, Frederik Johannesdotter, Senior Manager, Munich, Irina Grillmeier, Senior Manager, Stuttgart, all Corporate/M&A; Andreas Pruksch, Senior Manager, Stuttgart, Labor Law; Dr. Gerrit Rixen, Partner, Cologne, Dr. Hannes Schwinn, Senior Manager, Stuttgart, both Antitrust; Dr. Thomas Beyer, Senior Manager, Berlin, IP Law; Sebastian Hoegl, Senior Manager, IT Law

KPMG AG Wirtschaftsprüfungsgesellschaft: Florian Geiger, Partner, Stuttgart, Christoph Kurrle, Manager, Stuttgart, both M&A Tax

Buchberger Ettmayer Rechtsanwälte GmbH (KPMG Law Austria), Austria: Dr. Wendelin Ettmayer, Partner, Stephanie Sauer, Manager, Pablo Essenther, Manager, all Vienna, all Corporate/M&A

ElringKlinger / Inhouse Legal

Dr. Christof Dietborn, General Counsel, Christopher Müller-Dahl, Senior Legal Counsel

Consultant Plastic Omnium

CMS Hasche Sigle, Germany: Dr. Dirk Jannott, Partner, Katharina Franitza, Counsel, Artur Baron, Senior Associate

CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH, Austria: Dr. Alexander Rakosi, LL.M., Partner, Georg Gutfleisch, LL.M.

Plastic Omnium / Inhouse Law

Odile Descamps, Vice President Legal Corporate