Equity firms buy ship fitter Noske-Kaeser

ThyssenKrupp AG says it has sold its Noske-Kaeser Group - which equips ships with air conditioning and cooling technology - to two New Zealand-based private equity firms.

The sale to Titan 1 Ltd and the Hunter Capital Group for an undisclosed amount will take effect retroactively to October 1, 2005, ThyssenKrupp said.

The two equity firms have their registered offices at the same Palmerston North accountancy firm.

Most of the shares in Hunter Capital are controlled by the Nicholson Trust, while shares in Titan1 are controlled by Richard Chisholm, of Pahiatua Track, David Morrison of Palmerston North, and Bush Management Ltd.

Noske-Kaeser had annual sales of €53 million ($112 million) last year.

- NZPA