DEUTZ acquires Torqeedo
DEUTZ has acquired Torqeedo in bid to electrify its product range.
Torqeedo will be an independent subsidiary of DEUTZ and continue the development of its products with its current leadership.
Dr Frank Hiller, chairman of DEUTZ’s board of management, said: “Acquiring Torqueedo will enable us to gain electrical expertise far more quickly than with a stand-alone solution and to electrify our product range where it makes sense from a technical and financial perspective.
“This will give us a significant advantage in a very fast-moving competitive environment. It also marks the start of our E-DEUTZ strategy, for which Torqeedo will be the catalyst.”
Alternative drives will play an important role in DEUTZ’s core segments in future and the company is introducing the E-DEUTZ strategy to complement its drive systems, which focus on the development and manufacture of hybrid and electrified drive systems for off-highway applications.
Torqueedo’s technological expertise will supplement DEUTZ’s system of modular technologies for reducing emissions and CO2.
Wärtsilä-owned DEUTZ will look at the downsizing of internal combustion engines and the related lowering of fuel consumption and operating costs.
The first products are expected to come to market under the strategy in around two years’ time and DEUTZ will initially invest around EUR100m, including the acquisition of Torqueedo, in order to speed up implementation of the new strategy.
CEO of Torqeedo, Christoph Ballin will be head of strategy at DEUTZ, while COO Ralf Plieninger will become head of electrification. As the new chief financial Officer (CFO) of Torqeedo, Heiko Brambach has been appointed to the management board.
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