Steyr Motors GmbH and Phoenix Tree HSC Investment (Wuhan) Co Ltd (PTC) have closed a purchase deal with 100% of the shares of Steyr Motors GmbH and its subsidiaries Steyr Motors Liegenschaften GmbH and Steyr Motors North America Inc going to the Chinese investor group.
PTC is a Hong Kong based strategic financial investor, selectively looking for opportunities that provide a synergy between European technology and Chinese cost and market potentials. Following this strategy, PTC is investing in European as well as Chinese locations to strengthen the typical European benefit of innovation and R&D competences, and the western markets, while adding Chinese advantages such as high market potentials and low production costs.
Steyr Motors now looks for a significantly expanded engineering and production volume with the help of the new connection to PTC. The two companies will work to establish new business opportunities in China, expanding engineering services to develop new engine types while simultaneously extending market activities in Asia through cooperative arrangements with local production facilities.
Steyr will be expanded to become the worldwide engineering centre for the new group, with a focus on the development of new diesel engines for stationary applications and vehicles as well as marine and general aviation applications. To make this possible the purchase of additional areas next to the existing production hall was agreed on by contract with the Stadtgut Steyr.
