KNBHF - Knorr-Bremse: Number One Supplier Of Braking Systems
Investment Case
Two characteristics of competitive advantage are high return on capital employed and high market share in the core business. Both elements pose Knorr-Bremse ([[KNBHF]], [[KNRRF]], [[KNRRY]]), the global market leader for braking systems and other systems for the rail and commercial vehicle industries.
Background Story
Georg Knorr founded the Company in 1905 in Berlin. After being 16 years with Knorr-Bremse, Heinz Hermann Thiele got the opportunity to acquire a majority stake in 1985. At that time, Knorr-Bremse had a workforce of 3,500 employees, sales of €254m, of which, brakes accounted for €180m and