History
In Autumn 1968, MAN Turbo GmbH and Daimler-Benz formed Entwicklungsgesellschaft für Turbomotoren GmbH as a 50/50 joint venture, combining their aircraft engine development and manufacturing interests.
In July 1969, the joint venture was superseded by Motoren- und Turbinen-Union GmbH (MTU), which took over the aircraft engine and high-speed diesel engine activities of MAN Turbo and Daimler-Benz. MTU München was responsible for aircraft engines, while MTU Friedrichshafen was responsible for diesel engines and other gas turbines.
In 1985, Daimler-Benz bought MAN's 50% share in the company, and made MTU part of its aerospace subsidiary DASA. In 2000, when DASA was merged with other companies to form the European aeronautics and defense systems company EADS, MTU was split from DASA and stayed part of DaimlerChrysler. In 2003, MTU was sold to private equity firm KKR. Two years later, KKR sold all its shares at Germany's stock exchanges.
The company has other locations around the globe, including Vancouver, British Columbia; Rzeszów, Poland; and Zhu Hai, China.
Read more about this topic: MTU Aero Engines
Famous quotes containing the word history:
“Like their personal lives, women’s history is fragmented, interrupted; a shadow history of human beings whose existence has been shaped by the efforts and the demands of others.”
—Elizabeth Janeway (b. 1913)
“Three million of such stones would be needed before the work was done. Three million stones of an average weight of 5,000 pounds, every stone cut precisely to fit into its destined place in the great pyramid. From the quarries they pulled the stones across the desert to the banks of the Nile. Never in the history of the world had so great a task been performed. Their faith gave them strength, and their joy gave them song.”
—William Faulkner (1897–1962)
“Don’t you realize that this is a new empire? Why, folks, there’s never been anything like this since creation. Creation, huh, that took six days, this was done in one. History made in an hour. Why it’s a miracle out of the Old Testament!”
—Howard Estabrook (1884–1978)