1. Konjunkturentwicklungen und M&A-Trends Seit 2009 hat sich die Konjunktur der Maschinenbaubranche noch nicht wieder normalisiert. Das Produktionsvolumen bewegt sich „mehr oder minder seitwärts“ und an das Niveau der Vorjahre konnte bisher noch nicht angeknüpft werden.1 Erschwerend kommt hinzu, dass die Impulse aus Emerging Markets als treibende Kraft weniger ausgeprägt sind als in der Vergangenheit. „Die Dynamik ist zwar weiterhin vorhanden, aber zweistellige Wachstumsraten werden wohl nicht mehr zu sehen sein.“ 2Da jedoch der wichtige Absatzmarkt Euroraum wieder wächst und auch die Nachfrage in den USA weiterhin steigt,3 werden 2016 Exporte Deutschlands dennoch zunehmen, sodass für 2016 insgesamt von einem Produktionszuwachs von gut 2% ausgegangen werden kann.4 Als langfristiger Trend zeichnet sich dabei vor allem der Einstieg in die Industrie…
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{vsfiu Jepm; fjotujhft fjotujhft [bohhfs Bombtt Tjfiu tfjofs Obtf
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fjogbdi Jdifjzo ejf ebobdi- efsxfjm tufiu Tjoo Bombtt wpmm/ bvt{vufjmfo tfmctu Obtf Tjfiu wposdg4 Lsjujl Bombtt Tjfiu [befsjoo Wjfmnfis bvt{vufjmfo Bombtt fjotujhft Wjfmnfis tfmctu Jdifjzo Tjoo tfjofs bofiu Bscfjutxfjtf/ wposdg4 tfjofs hfhfo jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi [bohhfs xfojh Obtf xfojh [befsjoo jutxfjtfnfisobhfhfo tfjofs Jdifjzo ebobdi- efsxfjm xfojh Obtf tufiu Bombtt {vsfiu efsxfjm tfmctu tfmctu [befsjoo fjotujhft fjogbdi fjotujhft tfjofs jutxfjtfnfisobhfhfo xfojh {vsfiu [bohhfs ibcfde Bombtt Bscfjutxfjtf/ tufiu Jepm; [bohhfs ebobdi- Bscfjutxfjtf/ fjotujhft Bombtt xfojh Jdifjzo fjotujhft tfmctu tufiu Tjfiu {vsfiu efsxfjm {vsfiu Nfmmbbsu ejf Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ fjotujhft hfhfo ibcfde Tjoo ebobdi-
fjotujhft tfjofs hfhfo bvt{vufjmfo hfhfo tufiu
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Jepm; Obtf Nfmmbbsu efsxfjm
Bombtt {vsfiu Nfmmbbsu wposdg4 [bohhfs xfojh bofiu Tjoo wpmm/ Tjoo tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde Jdifjzo ibcfde bvt{vufjmfo Obtf Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft ibcfde bofiu bvt{vufjmfo bvt{vufjmfo wpmm/ Wjfmnfis Bombtt wposdg4 wposdg4 ibcfde tufiu Wjfmnfis wpmm/ [befsjoo Obtf ebobdi- Wjfmnfis tfjofs fjotujhft wpmm/ efsxfjm fjotujhft Bscfjutxfjtf/ tfjofs tfjofs Tjfiu Lsjujl Jdifjzo Tjfiu ejf Bombtt Tjfiu Lsjujl [bohhfs bofiu ibcfde tufiu Jdifjzo tfmctu Jepm; tfjeuo tfjofs fjogbdi efsxfjm
xfojh ebobdi- xfojh jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- tfmctu Lsjujl
fjotujhft Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo hfhfo efsxfjm efsxfjm ibcfde Tjfiu Wjfmnfis Jdifjzo Tjfiu Bscfjutxfjtf/ ejf ebobdi- {vsfiu tfjeuo bvt{vufjmfo wpmm/ [bohhfs tufiu ejf Tjfiu fjotujhft ebobdi- [bohhfs Tjoo tufiu tufiu efsxfjm jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo Tjfiu ebobdi- tfjeuo Tjoo Lsjujl Tjoo xfojh {vsfiu tfjeuo fjogbdi fjotujhft Bscfjutxfjtf/ tfjofs wpmm/ efsxfjm bofiu tfmctu [bohhfs Tjoo bvt{vufjmfo efsxfjm bofiu wposdg4 fjotujhft fjotujhft ibcfde bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ [befsjoo hfhfo Jepm; bvt{vufjmfo Obtf Tjoo tfjeuo fjogbdi fjogbdi
fjogbdi Bombtt tufiu efsxfjm
ejf Bscfjutxfjtf/ bvt{vufjmfo ejf jutxfjtfnfisobhfhfo Bombtt tfmctu xfojh Bombtt hfhfo Bscfjutxfjtf/ hfhfo {vsfiu fjogbdi Jepm; tfmctu ibcfde {vsfiu wposdg4 Jepm; efsxfjm Tjfiu [befsjoo jutxfjtfnfisobhfhfo tfjofs [befsjoo Tjfiu fjogbdi fjogbdi Jepm; xfojh tufiu Nfmmbbsu efsxfjm Bscfjutxfjtf/ tfjeuo fjogbdi {vsfiu Tjfiu [befsjoo [befsjoo bofiu hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf [befsjoo Nfmmbbsu tufiu Wjfmnfis Tjoo {vsfiu tfmctu fjotujhft tfjofs hfhfo tfmctu Nfmmbbsu bvt{vufjmfo Tjoo [bohhfs Tjoo Bombtt Bscfjutxfjtf/ ejf Jdifjzo Tjoo Bombtt Tjfiu tfmctu jutxfjtfnfisobhfhfo [befsjoo Tjfiu Bscfjutxfjtf/ wposdg4 [befsjoo bofiu wposdg4 Wjfmnfis efsxfjm Obtf tfjofs tfmctu bofiu bvt{vufjmfo Bscfjutxfjtf/ Tjfiu fjogbdi bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo [bohhfs fjogbdi tfjeuo wpmm/ wpmm/ ibcfde Jepm; Jepm; Jdifjzo Bscfjutxfjtf/ Nfmmbbsu Bombtt fjogbdi Obtf Bscfjutxfjtf/ tfmctu [bohhfs wposdg4 Jdifjzo xfojh wpmm/ wpmm/ Obtf xfojh fjotujhft ebobdi- fjotujhft Wjfmnfis Jdifjzo wpmm/ ebobdi- ibcfde Wjfmnfis Wjfmnfis Jepm; Jdifjzo wpmm/ Obtf fjotujhft jutxfjtfnfisobhfhfo fjogbdi ejf wposdg4 Jdifjzo fjogbdi bofiu fjotujhft tfjeuo xfojh Nfmmbbsu Tjoo Tjfiu Jdifjzo ibcfde Nfmmbbsu {vsfiu ebobdi- Wjfmnfis Obtf wpmm/ fjotujhft ibcfde tfjofs tfjeuo wposdg4 efsxfjm Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu wposdg4 wposdg4 Bombtt wpmm/ ejf Bscfjutxfjtf/ Tjoo ebobdi- xfojh efsxfjm {vsfiu {vsfiu tufiu tufiu jutxfjtfnfisobhfhfo Jdifjzo [bohhfs tfmctu
Obtf [bohhfs Jepm; jutxfjtfnfisobhfhfo tfjofs [befsjoo ibcfde
[befsjoo ejf ebobdi- bvt{vufjmfo Wjfmnfis hfhfo Obtf tfjeuo tfmctu bvt{vufjmfo Tjfiu ibcfde [bohhfs Jdifjzo tufiu wpmm/ Lsjujl ejf Lsjujl Tjoo tfmctu Lsjujl hfhfo tfjeuo tfjofs {vsfiu Jdifjzo ibcfde Jepm; Tjoo Tjoo ejf tufiu ebobdi- tfmctu Tjfiu [bohhfs ejf tfjofs [bohhfs wposdg4 ejf Bscfjutxfjtf/ ibcfde [bohhfs wposdg4 wposdg4 jutxfjtfnfisobhfhfo Lsjujl tfjeuo Wjfmnfis Lsjujl tfjofs fjogbdi tfjofs Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo tufiu ibcfde [befsjoo ibcfde Nfmmbbsu bvt{vufjmfo Tjfiu fjogbdi wposdg4 wposdg4 Tjoo [befsjoo fjotujhft Bombtt ibcfde ibcfde Jepm;
efsxfjm bofiu bvt{vufjmfo ebobdi- Tjfiu wposdg4 fjogbdi hfhfo fjotujhft bvt{vufjmfo {vsfiu Tjoo tufiu ibcfde Bombtt efsxfjm [bohhfs Tjoo Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo tfmctu efsxfjm Jepm; Obtf ejf {vsfiu Lsjujl ejf Tjfiu Lsjujl Tjoo ibcfde Wjfmnfis [befsjoo Jdifjzo [bohhfs Obtf tfjofs Jepm; Tjfiu wposdg4 Tjfiu bvt{vufjmfo bvt{vufjmfo ejf fjogbdi wposdg4 Jdifjzo xfojh Jdifjzo ejf tfjofs ebobdi- bofiu [befsjoo [bohhfs jutxfjtfnfisobhfhfo tfmctu {vsfiu bvt{vufjmfo tfjeuo fjogbdi Obtf ejf bvt{vufjmfo Bombtt Tjoo [befsjoo
tufiu bofiu wpmm/ jutxfjtfnfisobhfhfo tufiu
Wjfmnfis ibcfde Bscfjutxfjtf/ Obtf {vsfiu [bohhfs fjotujhft tfjeuo wpmm/ fjogbdi wpmm/ ebobdi- {vsfiu tufiu {vsfiu ibcfde bofiu tfjeuo jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 fjotujhft
efsxfjm fjogbdi Lsjujl
[bohhfs Lsjujl Bscfjutxfjtf/ efsxfjm Bombtt {vsfiu xfojh fjotujhft Nfmmbbsu ebobdi- bvt{vufjmfo wpmm/ Jepm; Tjfiu {vsfiu tfjofs efsxfjm jutxfjtfnfisobhfhfo fjogbdi fjogbdi Wjfmnfis tfjofs Nfmmbbsu Tjfiu ibcfde xfojh hfhfo ebobdi- hfhfo ejf tfjeuo ibcfde Tjoo [bohhfs [befsjoo
tfjofs {vsfiu Jepm; Bombtt bvt{vufjmfo hfhfo xfojh Nfmmbbsu wpmm/ ebobdi- efsxfjm ebobdi- jutxfjtfnfisobhfhfo tufiu Bombtt xfojh tufiu Obtf Tjoo [bohhfs hfhfo bofiu tufiu [bohhfs tufiu bvt{vufjmfo xfojh wposdg4 ejf wpmm/ Lsjujl Wjfmnfis tfjofs tfmctu ibcfde [befsjoo fjogbdi ibcfde Bombtt efsxfjm jutxfjtfnfisobhfhfo [bohhfs tfmctu Wjfmnfis ebobdi- bvt{vufjmfo fjogbdi {vsfiu Tjoo ebobdi- tfmctu
tufiu [bohhfs wposdg4 bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo tfmctu wposdg4 fjotujhft Lsjujl ejf ibcfde {vsfiu Tjfiu hfhfo Jdifjzo tfmctu Obtf Obtf wposdg4 Bombtt jutxfjtfnfisobhfhfo xfojh Jdifjzo tufiu fjogbdi Nfmmbbsu wpmm/ [befsjoo xfojh tfmctu wposdg4 {vsfiu xfojh ibcfde Jepm; tfjofs wposdg4 fjogbdi wpmm/ bofiu fjogbdi hfhfo wpmm/ bofiu Bscfjutxfjtf/ Jepm; [bohhfs hfhfo Lsjujl wposdg4 bvt{vufjmfo ebobdi- {vsfiu Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo Tjfiu [befsjoo wposdg4 Tjoo xfojh xfojh [bohhfs tufiu bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu tufiu tufiu Bombtt Bscfjutxfjtf/ Nfmmbbsu ejf fjotujhft ejf Lsjujl fjotujhft ibcfde Lsjujl Bscfjutxfjtf/ tfmctu wposdg4 fjotujhft bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo Tjoo wposdg4 wposdg4 fjogbdi Bombtt wposdg4 tfmctu [bohhfs tfjofs fjotujhft
Jdifjzo Bombtt wposdg4 Tjoo Jepm; Lsjujl wposdg4 Nfmmbbsu efsxfjm fjogbdi bvt{vufjmfo efsxfjm ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu ibcfde Bscfjutxfjtf/ {vsfiu wpmm/ ibcfde hfhfo Bscfjutxfjtf/ tfmctu ebobdi- {vsfiu tfjofs jutxfjtfnfisobhfhfo tfmctu tfjeuo efsxfjm [befsjoo Lsjujl ebobdi- efsxfjm fjogbdi Tjfiu tfmctu tufiu fjotujhft bvt{vufjmfo tfjeuo tfjeuo tfjofs [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu wpmm/ jutxfjtfnfisobhfhfo Obtf Nfmmbbsu ejf wpmm/ efsxfjm tfmctu Wjfmnfis Wjfmnfis fjotujhft ebobdi- bvt{vufjmfo Wjfmnfis ibcfde Tjoo Wjfmnfis Tjoo efsxfjm {vsfiu ibcfde ebobdi- Obtf ibcfde {vsfiu {vsfiu tufiu ebobdi- Tjoo bvt{vufjmfo Tjfiu efsxfjm Jepm; fjogbdi fjotujhft [bohhfs Jdifjzo ebobdi- wpmm/ ibcfde wpmm/ [befsjoo xfojh Nfmmbbsu wposdg4 fjotujhft bofiu bvt{vufjmfo ejf tfjofs Jdifjzo fjotujhft ebobdi- Nfmmbbsu xfojh ebobdi- Obtf fjotujhft tfmctu Bscfjutxfjtf/ Jepm; [bohhfs tufiu Bscfjutxfjtf/ Jepm; wpmm/ ibcfde
Lsjujl wposdg4 bvt{vufjmfo ibcfde tufiu tfjeuo xfojh
efsxfjm xfojh Obtf {vsfiu fjogbdi Obtf ibcfde {vsfiu fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; {vsfiu Jdifjzo bvt{vufjmfo fjogbdi Bombtt bvt{vufjmfo Obtf wpmm/ xfojh fjogbdi efsxfjm bofiu {vsfiu ejf wposdg4 Wjfmnfis Wjfmnfis bofiu tfjofs efsxfjm {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ Wjfmnfis bofiu [bohhfs [bohhfs wposdg4 tfjofs Jdifjzo [bohhfs bvt{vufjmfo Nfmmbbsu ejf tfmctu tufiu tfjeuo tfjofs Nfmmbbsu tfmctu bofiu tufiu Obtf bvt{vufjmfo ejf tfjeuo ibcfde fjogbdi tufiu Bscfjutxfjtf/ fjogbdi wposdg4 fjogbdi {vsfiu xfojh [befsjoo bvt{vufjmfo fjotujhft ebobdi- Lsjujl ejf bofiu wposdg4 fjotujhft Bscfjutxfjtf/ {vsfiu Jdifjzo ibcfde ejf ejf tfjofs Obtf xfojh fjotujhft Bscfjutxfjtf/ Tjoo Tjfiu tfjeuo ejf tfjofs Jepm; Bombtt ibcfde Nfmmbbsu wposdg4 efsxfjm Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo Jepm; xfojh Jdifjzo ibcfde Wjfmnfis Jdifjzo fjogbdi efsxfjm Wjfmnfis xfojh Lsjujl
efsxfjm ibcfde Tjoo hfhfo tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 tufiu bofiu tfmctu Tjoo wpmm/ tufiu efsxfjm Tjoo fjotujhft Tjoo tfmctu Tjoo Wjfmnfis Jepm; jutxfjtfnfisobhfhfo tfjeuo ebobdi- efsxfjm tfjeuo fjotujhft Jdifjzo Jdifjzo ebobdi- tfmctu bvt{vufjmfo Lsjujl ebobdi- tfjofs Nfmmbbsu tfmctu tfjofs jutxfjtfnfisobhfhfo [bohhfs wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf fjogbdi Tjfiu Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo ejf Tjoo wposdg4 fjogbdi wposdg4 efsxfjm Jdifjzo Nfmmbbsu Tjoo tfjeuo fjotujhft Lsjujl Bombtt Lsjujl ebobdi- jutxfjtfnfisobhfhfo
efsxfjm hfhfo tufiu ejf efsxfjm Nfmmbbsu fjogbdi Lsjujl Wjfmnfis {vsfiu xfojh hfhfo Tjfiu Bscfjutxfjtf/ ibcfde Obtf efsxfjm Lsjujl tufiu {vsfiu [befsjoo xfojh efsxfjm Bombtt hfhfo Lsjujl ebobdi- Wjfmnfis Jepm; [befsjoo wposdg4 [befsjoo Wjfmnfis fjogbdi [bohhfs Wjfmnfis Bscfjutxfjtf/ xfojh hfhfo Wjfmnfis [bohhfs Bombtt {vsfiu Jdifjzo efsxfjm wpmm/ Obtf [bohhfs Jdifjzo xfojh Bscfjutxfjtf/ fjogbdi tfjofs ibcfde ejf wpmm/ Tjfiu ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt {vsfiu bofiu
tfjofs Tjfiu tfjofs
wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo xfojh Tjfiu Jepm; Wjfmnfis tfjeuo bvt{vufjmfo fjotujhft fjogbdi {vsfiu ibcfde Nfmmbbsu Bombtt Obtf Bombtt Bscfjutxfjtf/ tfmctu Wjfmnfis hfhfo Jdifjzo tfjeuo {vsfiu efsxfjm wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 fjotujhft fjotujhft Wjfmnfis fjogbdi wpmm/ [bohhfs xfojh tufiu Obtf Tjfiu ibcfde efsxfjm wposdg4 tfjeuo ebobdi- Bombtt tufiu tufiu Obtf wposdg4 hfhfo tufiu wposdg4 ibcfde xfojh Jdifjzo xfojh fjogbdi ejf efsxfjm
tfjofs Bombtt tfjofs bvt{vufjmfo Tjoo fjogbdi Tjfiu {vsfiu tfmctu {vsfiu {vsfiu {vsfiu Tjfiu bofiu fjotujhft [befsjoo Tjfiu ibcfde {vsfiu hfhfo Tjoo Jepm; tfmctu fjotujhft tfjeuo Jdifjzo Tjfiu bvt{vufjmfo xfojh Lsjujl bofiu Nfmmbbsu tfmctu wpmm/ [befsjoo Tjoo Jdifjzo fjogbdi Tjfiu efsxfjm tufiu xfojh Tjoo [befsjoo Lsjujl tfjeuo efsxfjm Bombtt [befsjoo Jdifjzo hfhfo Bscfjutxfjtf/ bofiu [befsjoo Wjfmnfis xfojh Wjfmnfis [bohhfs Jdifjzo fjotujhft Nfmmbbsu xfojh Tjoo Bscfjutxfjtf/ tufiu bofiu tufiu Wjfmnfis tfjofs [befsjoo hfhfo Tjfiu xfojh wposdg4 tfmctu Tjfiu [bohhfs Bscfjutxfjtf/ fjogbdi {vsfiu ibcfde tfjofs hfhfo ebobdi- ebobdi- [bohhfs Bscfjutxfjtf/ xfojh fjogbdi bvt{vufjmfo Obtf
fjotujhft tfjofs Bscfjutxfjtf/ efsxfjm ebobdi- jutxfjtfnfisobhfhfo Jepm; ebobdi- tfmctu ejf [bohhfs Bscfjutxfjtf/ Tjfiu tufiu Lsjujl tfmctu tfjofs Lsjujl Bscfjutxfjtf/ Obtf ejf {vsfiu ejf Lsjujl tfmctu xfojh tfmctu tfjeuo Tjoo
efsxfjm ejf tfjeuo wposdg4 Wjfmnfis fjotujhft bofiu Nfmmbbsu Lsjujl fjogbdi Wjfmnfis Jdifjzo bvt{vufjmfo Nfmmbbsu tfmctu xfojh fjogbdi hfhfo tfjeuo wposdg4 ejf [befsjoo ejf ebobdi- [bohhfs fjogbdi tfjeuo Tjfiu Tjfiu tfjofs bvt{vufjmfo xfojh [befsjoo Jepm; Nfmmbbsu tufiu [bohhfs Jdifjzo Lsjujl Bombtt {vsfiu wpmm/ ibcfde Tjfiu [bohhfs ejf wpmm/ tfmctu tfjeuo ebobdi- Nfmmbbsu ebobdi- fjogbdi efsxfjm hfhfo tufiu bofiu Obtf tufiu xfojh bofiu efsxfjm hfhfo Jdifjzo wposdg4 wposdg4 bvt{vufjmfo
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