Technology Group Voith and Swiss holding company PCS Holding are planning to acquire a combined 59% of the shares in Traktionssysteme Austria GmbH (TSA) which makes electric motors, generators and transmissions for rail and road vehicles.
The closing of the transaction is anticipated to occur during the second half of 2020 and is subject to regulatory approvals and meeting other usual closing conditions. Both parties agreed not to disclose the purchase price.
“Voith is the technology leader in drive technology in many industries. The portfolio and market position of TSA are an excellent addition to our drive solutions in the rail and commercial vehicles sector and supports our position as a technology-independent supplier of drive systems,” said Dr. Uwe Knotzer, a member of the Voith Corporate Board of Management and president & CEO Group Division Voith Turbo. “With the 60 years of experience of TSA, we will achieve a significant advantage for our customers in drivetrain electrification.” Voith makes a variety of products including hydraulics, braking systems, drives and transmissions.
“This transaction will enable PCS Holding to secure top technology in the field of electric drive technology for its strategic investments in the long term. In addition, we expect the cooperation with Voith to provide decisive impulses for the development of new market potentials, especially in the road segment. PCS Holding considers TSA to be in an excellent position to benefit from the general trend towards electrification of drive technology in various industries,” said Oliver Streuli, CEO of PCS Holding.
After completion of the transaction, TSA will be owned by the Voith Group, PCS Holding, the previous, longstanding shareholder Duswald GmbH and the Managing Director of TSA, Magister Robert Tencl. This stable and strategically oriented ownership structure will give TSA easier access to new markets, technologies and financing opportunities as an independent drive specialist, said Voith.
The previous co-owner, Dr. Günter Eichhübl, has sold his shares and will also remain as a Managing Director of the company until June 30, 2021.
TSA , has, for 60 years, been manufacturing traction drives at the former Brown Boveri plant in Wiener Neudorf. The company employs 380 people in Austria and has a further 390 employees at other locations in Bosnia-Herzegovina, the USA, China and in a joint venture in India.