Torqueedo acquired by DEUTZ
Following its recent acquisition of Seawork exhibitor Torqueedo GmbH, German-headquartered DEUTZ AG has announced a highly successful third quarter, including an increase in revenue in the EMEA region by 18.9%.
The company has announced that it has received a marked increase in new orders and revenue, combined with a significant improvement in free cash flow. New orders in the first nine months of 2017 rose by 25.5% to reach €1,173.8 million (Q1–Q3 2016: €935.3 million). In the third quarter of 2017, new orders came to €370.8 million, being an increase of 43.7% compared with last year's figure of €258.1 million.
It’s acquisition of Munich-based Torqueedo, being the global market leader in integrated electric and hybrid drives for boats, has also seen the E-DEUTZ strategy accelerated.
Torqeedo was founded 12 years ago, now operates in more than 50 countries on five continents. It is the world leader in its field, with significant expertise in components, software and system integration for electric and hybrid drives.
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.
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.
Dr Frank Hiller, Chairman of the Board of Management of DEUTZ AG stated, “We are on our way to positioning ourselves as the market leader for innovative drive systems and will offer our customers not only our established solutions but also hybrid and all-electric solutions”.
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