Acquisition of German electric motor manufacturer said to drive synergies for creating mid-range electric outboard motors.
Yamaha announced early Friday that it has concluded a stock purchase agreement to acquire all shares of German electric motor manufacturer Torqeedo from former owner DEUTZ AG.
In a press release DEUTZ indicated the transaction is valued “in the higher double-digit million Euro range” without releasing a specific figure.
Yamaha says the acquisition strengthens the company’s development capabilities in the field of electric propulsion, in keeping with its long-term Connected, Autonomous, Shared Electric (CASE) Strategy which outlines the general direction for the marine business in Yamaha’s current medium-term management plan.
The company also noted the acquisition of Torqeedo will accelerate its efforts toward achieving carbon neutrality in the marine industry and fast-track the establishment of a small electric propulsion lineup, driving “synergies for creating mid-range electric outboard motors as Yamaha aims to become a leader in the growing market for electric boat propulsion.”
DEUTZ acquired Torqeedo in 2017, expanding its electric drive portfolio. The firm initially announced its intention to find a new owner for Torqeedo at its 2023 annual general meeting last April.
“The technology transfer, which was the initial goal we pursued when acquiring Torqeedo, has been achieved. In terms of market knowledge and scaling options, other partners are now better suited for Torqeedo on its way forward. We are pleased to have found such a strategic partner in Yamaha,” said DEUTZ CEO, Dr. Sebastian Schulte. “For Torqeedo, the resulting change is a great opportunity. For DEUTZ, it is an important step towards repositioning our green division.”
With approximately 230 employees, Torqeedo generated revenue of approximately €35m over the first nine months of the 2023 fiscal year. The agreement is expected to close by the end of the first quarter of 2024.
