New partnership for MAN Ferrostaal - MAN Group cooperates with IPIC from Abu Dhabi - IPIC takes over 70 % of the shares of MAN Ferrostaal AG

Munich/Essen, Germany - Effective from January 1, 2008, MAN AG is selling 70% of its shares of MAN Ferrostaal AG, Essen, to International Petroleum Investment Company (IPIC) of Abu Dhabi. MAN remains a shareholder maintaining 30%.

The objective of the partnership is to realise potential for growth with MAN Ferrostaal and to open up market potential in the area of future technologies. IPIC intends to award contracts for large industrial projects to MAN Ferrostaal and is in the position to open up market access for the company in the field of new technologies. With this step, MAN is now sustainably concentrating on the manufacturing industries in the field of transport related engineering. This focus improves the conditions for sustainable growth in all areas.

IPIC pursues a strategy of long-term investment in the petrochemical sector and related industries outside Abu Dhabi. Up to now, IPIC has invested predominantly in the Middle East, North Africa, Europe and Asia. The concept of IPIC is to act as a long term investor. From 1984, when the company was founded until today, IPIC has kept all its industrial participations. The company operates mainly in the areas of oil processing, petrochemicals, pipelines, power stations and energy-intensive industries

Source: IWR Online, 17 Nov 2008