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In July 1969, the joint venture was superseded by Motoren- und Turbinen-Union GmbH (MTU), which took over the aircraft engine and high-speed diesel engine activities of MAN Turbo and Daimler-Benz.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:
“The principle that human nature, in its psychological aspects, is nothing more than a product of history and given social relations removes all barriers to coercion and manipulation by the powerful.”
—Noam Chomsky (b. 1928)
“Whenever we read the obscene stories, the voluptuous debaucheries, the cruel and torturous executions, the unrelenting vindictiveness, with which more than half the Bible is filled, it would be more consistent that we called it the word of a demon than the Word of God. It is a history of wickedness that has served to corrupt and brutalize mankind.”
—Thomas Paine (1737–1809)
“Look through the whole history of countries professing the Romish religion, and you will uniformly find the leaven of this besetting and accursed principle of action—that the end will sanction any means.”
—Samuel Taylor Coleridge (1772–1834)