Sale of Torqeedo to strategic investor Yamaha completed; Sale proceeds in high double-digit million euros
April 05, 2024 at 11:18 am EDT
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Cologne/Wessling- As it pursues its Dual+ strategy, DEUTZ has today reached another milestone in its portfolio realignment by completing the sale of Torqeedo, the world's leading manufacturer of electric outboard and inboard motors, to Yamaha Motor Co., Ltd. (Yamaha).
In 2017, DEUTZ had acquired the specialist for electric boat drives with the aim of accelerating the electrification strategy for DEUTZ core customer segments (especially Construction Equipment, Agricultural Machinery, and Material Handling) and strengthening Torqeedo's position as a technology and market leader in electric-powered water transport. Over the past several years, DEUTZ's portfolio of electric drive systems has been successfully expanded.
The proceeds of the sale, amounting to a figure in the high double-digit millions of euros, are expected to result in the recognition of a book gain in DEUTZ's 2024 financial statements in the low double-digit millions of euros.
'Torqeedo has found a new home with a strong industrial base that will enable it to achieve further dynamic growth. I would like to congratulate both Yamaha and Torqeedo. I wish Fabian Bez, his management team, and the entire workforce all the very best for the future,' commented DEUTZ CEO Dr. Sebastian C. Schulte. 'For DEUTZ, this step represents a structured restart for the Green segment. We are freeing up resources so that we can forge ahead with the development of drive solutions that meet the market's needs and the needs of our customers. Only by doing so will we ultimately be able to earn money with our green products and establish a profitable green ecosystem. This ecosystem will encompass all of the relevant products and technologies that will be needed to keep the world moving in the future, including our state-of-the-art, hydrogen-powered internal combustion engines and our battery-electric off-highway products.'
The ongoing development of the green product portfolio is one of the key elements of the Dual+ strategy presented at the start of 2023. DEUTZ intends to enhance its performance in the existing business with conventional engines and to significantly expand the current service business in order to provide the foundations for developing its technology portfolio for the future. The objectives are clear: DEUTZ aims to permanently establish itself among the top three independent drive manufacturers by 2030 and to be a climate-neutral company by no later than 2050.
Yamaha Motor Co., Ltd. specializes in the construction and marketing of motorcycles, all terrain vehicles and boats. The group also develops engine manufacturing activity. Net sales break down by family of products as follows:
- sale of motorcycles (65.3%): 4.8 million units sold in 2022. Yamaha Motor Co., Ltd. also offers all-terrain vehicles, off-road recreational vehicles, snowmobiles and electric bicycles;
- manufacturing of marine motor equipment and watercraft (23%): ooutboard engines, jet skis, fishing boats, utility boats, etc. ;
- sale of industrial machines and robots (5.2%);
- provision of financial services (2.8%);
- other (3.7%): primarily golf carts, snow blowers, generators and multi-purpose engines and automobile engines and components.
Net sales are distributed geographically as follows: Japan (7.3%), Asia (40.1%), North America (25.3%), Europe (13.9%) and other (13.4%).
YAMAHA MOTOR CO., LTD. 
