FRANKFURT, June 4 (Reuters) - Volkswagen is likely to launch the sale of transmissions maker Renk in the autumn as the German carmaker streamlines operations to free up funds for investment in electric vehicles, people close to the matter said. The world's largest carmaker last month announced a corporate restructuring. It has 12 brands spanning trucks, buses, motorbikes, cars and electric bicycles. That comes two years after Volkswagen's powerful works council thwarted an auction of Renk, which makes transmissions and bearings used in ships and wind turbines. Renk is 76%-owned by Volkswagen's family ownership holding Porsche SE, with the rest of the shares widely held. U.S. investment bank Citi, which also led the 2017 sales process before it was pulled, has been retained as sellside advisor of a company that could be valued at up to 800 million euros, including debt, the people said. They added that the auction was expected to kick off after the summer break. Volkswagen said, adding that there would be no firesale of Renk and MAN Energy Solutions.
Volkswagen is expected to market Renk to private equity firms such as PAI, EQT, KKR, CVC, Bain and Advent as well as some peers. Renk competes with Sumitomo Heavy, Mitsubishi, Rexnord, Timken and Allison Transmissions. The company's large exposure to the defence industry - which it supplies with transmissions for tanks and gear units for navy ships - will make it hard for buyers headquartered outside NATO countries to acquire Renk, the sources said. In 2018, Renk posted flat earnings before taxes of 62 million euros on slightly higher sales of 502 million euros, while orders surged 22 percent to 529 million. Its main peers trade at 6.5-8 times their expected earnings before interest, tax, depreciation and amortization. The Renk divestiture is expected to be followed by a sales process for MAN Energy Solutions, which makes diesel engines for use in ships and power stations, and whose separation Volkswagen also announced last month. Peers such as Cummins, Wartsila, Mitsubishi, Hyundai, Mitsui or Jenbacher are expected to be targeted in the auction, alongside private equity firms. Spokespeople for VW, Citi and Rothschild declined to comment.
A VW Bug, Bus, or Karmann Ghia? Everyone knows knows the Bug. Most have the idea of the bus (stereotype hippie van) but nobody has a clue about the Karmann Ghia, so I would take it. I've had many of all 3, and I currently own 6 Beetles, 2 Ghias, and a Bus. I'd have to go with the Beetle because as much as it's not as fun to drive as the Karmann Ghia (the Ghia's a bit sportier, better handling), the parts are a little easier to get. There aren't as many parts on a Ghia as there are on a Beetle that you can get at Auto Zone and Pep Boys. This has a lot to do with the fact that there were 21 million Beetles produced up until 2003, and a lot of Mexican companies still mass produce almost every part. The Ghia stopped production in 1974 and just under a half a million were produced.
The Bus isn't the easiest to drive, but when it comes to hauling a lot of stuff, it's bar none the best. Ghia or the Thing. Either would be cool! Honestly I love them all. I drive a 1999 Silver Volkswagen Beetle and I love it. I wanted the old bug from the 60s but I do not know how to drive stick shift. 75 dollars per year insurance. They are the cheapest car to maintain. Depends on your insurance company, your driving record and the amount of coverage you want on the vehicle and the vehicle value. What are the top speeds of the classic VWs? What are the top speeds for the VW Bugs, Buses, and Karmann Ghias? I had a buddy in high school who had a '57 VW bus, he said going downhill he could get it up to 50 mph. Beets can do 90 on the flats, buses can do about the same(depends on the condition of the motor and the headwind and the hill, Ghias are about the same.
