Torqeedo Acquired by DEUTZ
Engine manufacturers DEUTZ have announced their acquisition of Torqeedo. As an independent subsidiary of DEUTZ AG, Torqeedo will continue the development of their high-tech marine products under their established Torqeedo brand and with their current leadership.
Since their market entry in 2006, Torqeedo have achieved an average annual growth rate of 35%. Sales in the last financial year amounted to EUR 25 million, which corresponds to a growth of more than 40%. The company employs 130 people at its locations in Gilching near Munich, Crystal Lake (Illinois, USA) and Bangkok (Thailand).
In Torqeedo, DEUTZ will gain development expertise and years of proven product experience in all aspects of electric mobility. Within the framework of the new E-DEUTZ strategy, DEUTZ will bring these sustainable electric and hybrid technologies to their existing product lines.
For further information about Torqeedo’s products visit www.torqeedo.com