Boehringer Group sold

The IWKA Group sold all of the companies of the Boehringer Group. Purchasers are companies of the MAXCOR Group. The only item still outstanding to complete the sale is the approval by the Bundeskartellamt (German federal antitrust authority).

24 November 2006

The divestment will generate additional losses of approximately EUR 20 million (over and above the write-downs already included to June 30, 2006), which will be charged to the results from discontinued operations of the IWKA Group for the 2006 business year. These charges are primarily due to non-liquidity related expenses plus the transaction costs.

The Boehringer Group includes Boehringer Werkzeugmaschinen GmbH, Boehringer Werkzeugmaschinen Vertriebsgesellschaft mbH, FMS Drehtechnik Schaffhausen AG, Switzerland, UBJ-Boehringer Inc., Canada, and George Fischer-Boehringer Corporation, USA.

Karlsruhe, November 24, 2006

The Executive Board

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