Renk

Renk AG (stylised as RENK AG) is a German industrial company headquartered in Augsburg. It manufactures transmissions for trucks, military vehicles, and ships.[3]

For the town in South Sudan, see Renk, South Sudan.
RENK AG
TypeAktiengesellschaft
IndustryAutomotive
Founded1873 (1873)
FounderJohann Julius Renk
Headquarters
Augsburg
,
Germany
Revenue€559 million (2019)
OwnerTriton Partners
Number of employees
>2600 (2019)
Websiterenk-ag.com
Footnotes / references
[1][2]

History

The company originated as a machining workshop founded by Johann Julius Renk in 1873. It became part of the MAN Group in 1923.[1] MAN, in turn, was acquired by the Volkswagen Group in 2011.[4]

Renk became a direct subsidiary of Volkswagen AG after a corporate restructuring in early 2019.[5] By December 2019, Volkswagen announced the planned sale of Renk and MAN Energy Solutions.[6] The Carlyle Group, EQT Partners, and Rheinmetall were among the companies bidding to acquire Renk.[7]

In late January 2020, it was announced that Triton Partners would purchase VW's 76 percent stake in Renk AG for €520 million.[8] The acquisition was completed in October 2020, with an additional 14.2% of shares and a cash offer for remaining shares.[2]

Controversies

Renk has been criticised for profiting from arms exports to Middle Eastern countries including Saudi Arabia.[9][10]

In 1993, the company paid €2.3 million in bribes to Jean-Charles Marchiani and another man to secure a contract worth €100 million to supply gearboxes for Leclerc tanks. Two former Renk executives received 18-month suspended prison sentences and were fined €100,000 each by a Paris court for their involvement.[11][12]

Renk is involved in a major warranty claim with United States Department of Defense and the US Navy related to its supply of 'combining gears' for the propulsion system of the fast US Navy Littoral combat ships ('LCS') fleet. This problem has led the US Navy in January 2021 to delay the acceptance of the last ships of the series, waiting for the problem to be fully fixed by Renk.[13] The US Navy is also discussing with Renk a financial settlement for the consequences of this defect.

References
  1. "Company profile / Stock company". Renk AG. Retrieved 1 November 2020.
  2. "Triton completes acquisition of majority stake in RENK AG" (Press release). Triton Partners. 6 October 2020. Retrieved 1 November 2020.
  3. "Das sind Deutschlands größte Ballermänner". Handelsblatt (in German). 19 November 2010. Retrieved 1 November 2020.
  4. "Volkswagen kauft Mehrheit an MAN". Der Spiegel (in German). 4 July 2011. Retrieved 1 November 2020.
  5. "Volkswagen kauft MAN und Renk". StadtZeitung (in German). 26 October 2018. Retrieved 1 November 2020.
  6. "VW trennt sich von Unternehmen: Wer kauft MAN Energy Solutions und Renk?". Augsburger Allgemeine (in German). 7 December 2019. Retrieved 1 November 2020.
  7. "Rheinmetall zurück im Bieterrennen um Renk". Frankfurter Allgemeine Zeitung (in German). 11 December 2019. Retrieved 1 November 2020.
  8. "Finanzinvestor Triton bekommt Zuschlag für VW-Tochter Renk". Reuters (in German). 31 January 2020. Retrieved 1 November 2020.
  9. Vogel, Wolf-Dieter (16 March 2017). "Deutsche Waffen für Nahost". Deutschlandfunk (in German). Retrieved 1 November 2020.
  10. Meyer, Cornelia (31 January 2020). "Im Mercedes an die Front: Wie sich VW und Daimler an Rüstungsgeschäften beteiligen". Business Insider (in German). Retrieved 1 November 2020.
  11. "Bewährungsstrafen für Renk-Manager in Korruptionsaffäre bestätigt". 123recht.net (in German). 1 March 2007. Archived from the original on 19 July 2012. Retrieved 1 November 2020.
  12. Becker, Sven; Sontheimer, Michael (28 September 2018). "The Shadowy Arms Trade: A Look Back at a Questionable Tank Deal". Der Spiegel. Retrieved 1 November 2020.
  13. https://news.usni.org/2021/01/19/navy-calls-freedom-lcs-propulsion-problem-class-wide-defect-wont-take-new-ships-until-fixed
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