As part of its E-DEUTZ strategy, DEUTZ 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 forms the nucleus of the E-DEUTZ strategy and will speed up DEUTZ’s development and launch of its hybrid and electric drives.
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.
Dr Frank Hiller, chairman of the Board of Management of DEUTZ, said: “Acquiring Torqeedo will enable us to gain electrical expertise far more quickly than with a standalone 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.”
