Iveco Group has announced that the full ownership of Magirus GmbH and its affiliates performing firefighting business has been transferred to Mutares SE & Co., as per the terms of the agreement described on 13thMarch 2024, subject to contractual price adjustments primarily reflecting MAGIRUS’s actual business performance during 2024.
Following the agreement with Mutares, the Firefighting Business Unit has been classified as “Discontinued Operations” since the first quarter of 2024. One-off effects from the transaction are excluded from Iveco Group’s adjusted metrics.
Mutares is a listed private equity holding company that acquires medium-sized companies in special situations which show significant operational improvement potential. Under its new ownership, MAGIRUS is entering into the next chapter in its long-standing history, enabling it to compete even more efficiently and effectively in its unique market. The brand has been serving firefighters and disaster responders around the world since 1864.
Subsequently Thomas Hilse, President, Firefighting Business Unit of Iveco Group and CEO of Magirus GmbH, has chosen to leave the company to pursue other opportunities. He has served in his responsibilities from 2021 until now, also ensuring in the last period continuity in the transition of Magirus GmbH to Mutares SE & Co.
Olof Persson, CEO, Iveco Group, said: “I want to thank Thomas for his passion, hard work and leadership. He joined IVECO in 2019 as the Brand President and has been a key member of the Iveco Group Senior Leadership Team since its foundation in 2022. Thomas led the Firefighting business and the launch of the new MAGIRUS fire truck portfolio in September, which will be the starting point for the years to come. On behalf of everyone at Iveco Group, we wish him continued success in his future professional endeavours.”