Today, DEUTZ AG signed a deal to acquire 100 per cent of the shares in Torqeedo GmbH, based near Munich. The transaction will take effect on 1 October 2017.
As part of its E-DEUTZ strategy, DEUTZ AG intends to extend its operations to include the development and manufacture of hybrid and all-electric system solutions for off-highway applications. The acquisition of Torqeedo GmbH forms the nucleus of the E-DEUTZ strate-gy and will speed up the development of hybrid and electric drives at DEUTZ and enable the Company to launch them in its current core markets sooner. The E-DEUTZ strategy and this transaction will strengthen DEUTZ’s expertise in innovative drive technologies.
DEUTZ will initially invest around €100 million in the E-DEUTZ strategy, the majority of which will be spent on the acquisition of Torqeedo with its strong expertise in electric drives and system integration. The investment will be financed from available cash. DEUTZ will consolidate Torqeedo from 1 October 2017 and will continue to operate its rapidly growing electric motors business under the established brand.