Caterpillar Inc. which purchased Berg Propulsion in 2013, has, in essence, sold the group back to Berg.
Officially, Gula Skrinet AB, a special purpose holding company in Sweden has reached an agreement with Caterpillar Luxembourg Sarl to acquire Caterpillar Propulsion AB and its subsidiaries. The sale is expected to close on June 30, 2020. No financial terms were announced.
Caterpillar Propulsion AB, formerly Berg Propulsion AB, is a manufacturer of mechanically and electrically-driven propulsion systems and marine controls for ships. Headquartered in Öckerö Islands outside Gothenburg, Sweden, the group has designed and manufactured heavy-duty marine thrusters and controllable pitch propellers since the late 1920s.
The proposed acquisition includes Caterpillar Propulsion AB and its subsidiaries, including Caterpillar Propulsion Production AB, as well as Caterpillar Propulsion Pte. Ltd., its subsidiary Caterpillar Propulsion International Trading (Shanghai) Co. Ltd. and its Dubai branch. The transaction will include the manufacturing operations in Sweden and Singapore and office locations in Shanghai and Dubai.
Upon closing of the sale, the products and services will be branded Berg Propulsion. The current team within Caterpillar Propulsion will transfer with the sale ensuring continuity of support for current and future customers.
Stefan Sedersten, the chief operating officer of the former Berg Propulsion business, and via Gula Skrinet, the new of owner of the business, said the company plans to maintain a close business relationship with Caterpillar, while developing products and services with other clients in the marine sector. Sedersten is the chairman of Lean Marine Sweden AB and I-Tech AB, businesses focused on marine equipment and vessel optimization.