Duagon has established itself as a leading supplier of hardware and software solutions for safety-related applications primarily in the railway industry. Following the investment by private equity investor DBAG as part of an MBO in 2017, the Swiss company has grown significantly. By acquiring duagon, Knorr-Bremse will strengthen its existing business with electronic and software solutions for rail vehicles..

杜根已成为铁路行业安全相关应用的硬件和软件解决方案的领先供应商。自2017年私募股权投资者DBAG作为管理层收购的一部分进行投资以来，这家瑞士公司显著增长。通过收购杜根，克诺尔-布雷姆斯将加强其现有的铁路车辆电子和软件解决方案业务。

Knorr-Bremse

克诺尔-布雷姆斯

, the global market and technology leader for braking systems and other safety-related rail and commercial vehicle systems, is building up its high-margin rail business internationally by acquiring the

，全球市场和技术领导者，专注于制动系统及其他与安全相关的铁路和商用车辆系统，正在通过收购国际上高利润的铁路业务来拓展其国际业务。

duagon Group

杜阿贡集团

. duagon is a good fit with Knorr-Bremse’s existing business – particularly in the field of safety-related electronics and software. Adding a further pillar to Knorr-Bremse’s operations, the acquisition will generate significant synergies in electronics, for example for braking and entrance systems – areas in which Knorr-Bremse already has leading expertise..

duagon与克诺尔-布雷姆塞现有的业务非常契合，特别是在安全相关的电子和软件领域。此次收购为克诺尔-布雷姆塞的运营增添了另一个支柱，将在电子领域产生显著的协同效应，例如在制动和入口系统方面——这些领域克诺尔-布雷姆塞已经拥有领先的专业知识。

Knorr-Bremse and the former owner DBAG Fund VII, a private equity fund advised by Deutsche Beteiligungs AG (DBAG), have signed a contract of sale to this effect. The closing is subject to the customary regulatory approvals.

Knorr-Bremse 与前所有者 DBAG Fund VII（由 Deutsche Beteiligungs AG (DBAG) 提供顾问服务的私募股权基金）已签署与此相关的销售合同。交割需符合惯例的监管批准。

DBAG

数据库管家

invested in duagon in 2017 as part of a management buyout. Members of the management team also acquired stakes in the company. Following the entrance of the private equity investor, duagon acquired several companies.

2017年，作为管理层收购的一部分，投资了duagon。管理团队的成员也收购了该公司的股份。在私募股权投资者进入后，duagon收购了几家公司。

Strong revenue growth

强劲的收入增长

Established in 1995 and headquartered in Dietikon, duagon employs around 750 people across eight countries. The company achieved a compound annual growth rate of 15% between 2022 and 2025, a development Knorr-Bremse expects to be sustained over the coming years. Knorr-Bremse estimates that duagon will generate revenues of around Euros 175 million for 2026 with an operating EBIT margin of around 16% (excluding integration costs), which Knorr-Bremse plans to increase further in the coming years through significant revenue growth and cost potentials.

duagon 成立于1995年，总部位于迪耶提孔，在八个国家拥有约750名员工。2022年至2025年间，该公司实现了15%的复合年增长率，克诺尔集团预计这一发展将在未来几年持续下去。克诺尔集团估计，duagon 在2026年的收入将达到约1.75亿欧元，营业EBIT利润率约为16%（不包括整合成本），克诺尔集团计划通过显著的收入增长和成本潜力在未来的几年内进一步提高这一比例。

In addition, Knorr-Bremse expects EBIT-effective run-rate synergies of Euros 5-10 million as of 2028. Customers of duagon include vehicle manufacturers, systems integrators, and infrastructure companies from the railway industry..

此外，克诺尔-布雷姆斯预计到2028年将实现500万至1000万欧元的EBIT有效运行率协同效应。duagon的客户包括来自铁路行业的车辆制造商、系统集成商和基础设施公司。

Integrating duagon’s embedded electronics solutions into Knorr-Bremse’s portfolio will make it possible to tap into synergies over the long term, creating a basis for more uniform and holistic electronics platforms for numerous product groups worldwide. This integration will also enhance cost efficiency in research and development and increase competitiveness while fostering digital innovations such as remote monitoring and remote diagnostics for efficient rail operations and optimized maintenance..

将杜根的嵌入式电子解决方案整合到克诺尔-布雷姆塞的产品组合中，将有可能长期挖掘协同效应，为全球众多产品组提供更加统一和全面的电子平台基础。这种整合还将提高研发的成本效率，增强竞争力，同时促进数字化创新，例如实现高效的铁路运营和优化维护的远程监控和远程诊断。

Dr. Michael Goldbach, Chief Executive Officer of duagon: “With Knorr-Bremse, duagon gains a partner with whom we will strengthen and rapidly expand our position as a leading embedded electronics supplier in the rail market. We look forward to benefitting from Knorr-Bremse’s strengths and expertise, leveraging them in all business segments, and bringing our complementary expertise to the world of Knorr-Bremse.

杜阿贡首席执行官迈克尔·戈尔德巴赫博士表示：“通过与克诺尔-布雷姆合作，杜阿贡获得了一个合作伙伴，我们将共同加强并迅速扩大杜阿贡作为铁路市场领先的嵌入式电子供应商的地位。我们期待从克诺尔-布雷姆的实力和专业知识中获益，将其应用于所有业务领域，并将我们的互补专长带入克诺尔-布雷姆的世界。”

This will create an even broader range of opportunities for our customers and employees and ensure long-term stability and continuity.”.

这将为我们的客户和员工创造更广泛的机会，并确保长期的稳定和连续性。”

Marc Llistosella, Chief Executive Officer of Knorr-Bremse AG: “Our acquisition of duagon, a successful electronics supplier, demonstrates once again that we are strengthening our rail business, which will drive up profitable growth. More particularly, we are honing our technological expertise in the key areas railway electronics and rail signaling technology and are increasing the high-margin share of revenue in rail vehicles.

克诺尔-布雷姆塞公司首席执行官马克·利斯特塞拉： “我们对成功的电子供应商杜根的收购再次表明，我们正在加强我们的铁路业务，这将推动有利可图的增长。 更具体地说，我们正在磨练我们在铁路电子和铁路信号技术等关键领域的技术专长，并增加铁路车辆中高利润收入的份额。

The acquisition is a perfect fit with our BOOST strategy, giving us the opportunity to reinforce and build on our core competencies but also focus on high-profit lines of business. We would like to warmly welcome duagon’s international team and look forward to collaborating with them.”.

此次收购与我们的BOOST战略完美契合，不仅为我们提供了加强和巩固核心竞争力的机会，还让我们能够专注于高利润的业务领域。我们热烈欢迎duagon的国际团队，并期待与他们合作。

(Press release / SK)

（新闻稿 / SK）

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