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Triton exploring possible IPO of German gearbox maker Renk

Reuters
·1-min read

BERLIN (Reuters) - Private equity firm Triton is exploring an initial public offering of German transmissions maker Renk, three years after buying it from car manufacturer Volkswagen, Renk said on Monday.

"The company and its owner are currently exploring various strategic alternatives to support the company's continued positive development and growth," Renk said in a statement.

"An IPO is one of the possible options. However, no decisions have been taken at this stage."

Earlier on Monday, citing sources familiar with the matter, German paper Handelsblatt reported that Triton had already hired three banks, Citi, Deutsche Bank and JP Morgan, to prepare for a possible IPO of the firm considered to be worth 2.5 billion to 3 billion euros ($2.65 billion to $3.18 billion).

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Renk, which produces gear units for battle tanks and ships among other products, said it expected to report turnover of 850 mln euros for last year.

($1 = 0.9433 euros)

(Reporting by Sarah Marsh; Editing by Richard Chang)