German engine manufacturer Deutz AG has signed a deal to acquire 100 percent of the shares in electric marine propulsion provider Torqeedo GmbH.
The transaction will take effect Oct. 1, 2017. Deutz AG is financing the acquisition from available cash.
Deutz AG intends to extend its operations to include the development and manufacture of hybrid and all-electric system solutions for off-highway applications.
Torqeedo was founded 12 years ago and now operates in more than 50 countries on five continents.
“The acquisition of Torqeedo enables us to launch technically sophisticated, financially viable electrification solutions on the market more quickly. We are establishing our competitive position early on and believe that there will be very good market opportunities for us,” said Dr. Frank Hiller, Chairman of the Board of Management of Deutz AG.
“Being part of the Deutz Group will create additional opportunities for Torqeedo in the areas of industrialisation, purchasing, sales and service. We aim to make use of these opportunities and further accelerate our growth,” said Torqeedo founder and CEO Dr Christoph Ballin.
Alongside their role as managing directors of Torqeedo, Ballin and Dr. Ralf Plieninger will also take on senior management positions at Deutz AG.
Ballin has been appointed Head of Strategy while Torqeedo COO Dr. Ralf Plieninger has been appointed Head of Electrification.