DEUTZ AG Ad-hoc disclosure (pursuant to section 15 of the German Securities Trading Act (WpHG) in conjunction with article 17 of the Market Abuse Regulation (MAR), published on
27 September 2017 at 6:10 pm)
DEUTZ AGOttostrasse 1
51149 Cologne (Porz-Eil)
Germany
Tel: +49 (0)221 8220
Fax: +49 (0)221 822 3525
Email: presse@deutz.com
Cologne, 27 September 2017
DEUTZ AG acquires Torqeedo GmbH Cologne/Gilching, 27 September 2017. Today, DEUTZ AG signed a deal to acquire 100 per cent of the shares in Torqeedo GmbH, based near Munich. The transaction will take effect on 1 October 2017.As part of its E-DEUTZ strategy, DEUTZ AG 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 GmbH forms the nucleus of the E-DEUTZ strate- gy and will speed up the development of hybrid and electric drives at DEUTZ and enable the Company to launch them in its current core markets sooner. The E-DEUTZ strategy and this transaction will strengthen DEUTZ's expertise in innovative drive technologies.
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 and will continue to operate its rapidly growing electric motors business under the established brand.
For further information on this DEUTZ AG ad-hoc disclosure, please contact:
Investor & Public Relations Christian Krupp
Tel: +49 (0)221 822 5400
Fax: +49 (0)221 822 155 401
Email: krupp.c@deutz.com
DEUTZ AG · www.deutz.com | Vorsitzender des Aufsichtsrates / Chairman of the Supervisory Board: Hans-Georg Härter |
Sitz und Registergericht / Domicile and Register Court: Köln / Cologne | Vorstand / Board of Management: Dr.-Ing. Frank Hiller (Vorsitz / Chairman) |
Nr. des Handelsregisters / Commercial Register No.: 42 HRB 281 | Dr Margarete Haase, Michael Wellenzohn |
Deutz AG published this content on 27 September 2017 and is solely responsible for the information contained herein.
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