DEUTZ acquires electric drive specialist Torqeedo

Europe
28th September 2017

DEUTZ acquires electric drive specialist Torqeedo

DEUTZ AG has acquired Torqeedo GmbH, based near Munich.

Torqeedo was founded 12 years ago and now operates in more than 50 countries on five continents. It has significant expertise in components, software and system integration for electric drives. It is the global market leader and a system solution specialist for integrated electric and hybrid drives for boats.

DEUTZ acquires electric drive specialist Torqeedo

Alternative drives will also play an important role in DEUTZ’s core segments in future. DEUTZ is seizing the opportunities arising from the changing conditions by introducing the E-DEUTZ strategy to complement its innovative drive systems, which focuses on the development and manufacture of hybrid and electrified drive systems for off-highway applications. Torqeedo’s technological expertise will become the nucleus of the E-DEUTZ strategy, supplementing the Company’s system of modular technologies for reducing emissions and CO2. Some of the areas with potential are the downsizing of internal combustion engines and the related lowering of fuel consumption and operating costs. DEUTZ plans to bring the first products to market under the E-DEUTZ strategy in around two years’ time – far earlier than if it had gone down this route alone. DEUTZ will initially invest around €100 million, which includes the acquisition of Torqeedo, in order to speed up implementation of the new strategy.Alongside their role as managing directors of Torqeedo, Dr Christoph Ballin and Dr Ralf Plieninger will also take on senior management positions at DEUTZ AG: Dr Christoph Ballin has been appointed Head of Strategy while Torqeedo COO Dr Ralf Plieninger has been appointed Head of Electrification.
DEUTZ will consolidate Torqeedo from 1 October 2017 and is financing the acquisition from available cash. DEUTZ AG confirms its forecast for 2017: it expects a marked rise in revenue and a moderate increase in the EBIT margin – before positive exceptional items – compared with the previous year.

Company: DEUTZ AG, Torqeedo

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