CMS advises Plastic Omnium on establishment of joint venture with ElringKlinger

Dusseldorf/Vienna -  In order to drive forward the development of hydrogen mobility, the two automotive suppliers ElringKlinger and Plastic Omnium will create a joint venture for the development and large-scale production of fuel cell stacks for CO2-neutral mobility. An international CMS team was responsible for providing legal support Plastic Omnium.       The entire transaction is still subject to official approvals.

ElringKlinger will contribute its fuel cell business and expertise. Plastic Omnium will invest around EUR 100 million for accelerating innovation, expanding the commercial pipeline and increasing production capacities. ElringKlinger will hold a 60% and Plastic Omnium will hold a 40% interest in EKPO Fuel Cell Technologies, which is to be newly established. In addition, Plastic Omnium acquires ElringKlinger’s Austrian subsidiary (ElringKlinger Fuelcell Systems Austria), specialised in integrated hydrogen systems, for around EUR 15 million. The entire transaction is still subject to official approvals.

An international CMS team led by partners Dirk Jannott (CMS Germany) and Alexander Rakosi (CMS Austria) as well as lead senior associate Artur Baron (CMS Germany) provided comprehensive legal and tax advice to Plastic Omnium on the complex transaction. Further members of the Austrian team were Georg Gutfleisch, (attorney-at-law, corporate/M&A), Marco Selenic (associate, corporate/M&A), Sanela Fürstenberg (associate, corporate/M&A) as well as Dieter Zandler (partner, competition) and Sibylle Novak (partner, tax).

The Plastic Omnium Group, based in France, is a company specialised in the automotive industry, focusing on more connected and sustainable mobility. According to its own information, Plastic Omnium operates 131 plants and employs around 31,000 people.

The ElringKlinger Group, based in Dettingen (Baden-Württemberg), is an independent supplier to the automotive industry. According to the company's own figures, it employs around 10,000 people at 45 sites worldwide.