Voith Group signed a purchase contract for the acquisition of Austria-based electric motors and generators manufacturer Elin Motoren GmbH.
The transaction is expected to be completed at the beginning of the second quarter 2020 and is subject to regulatory approvals. The parties agreed not to disclose the purchase price.
The President and CEO of Voith Turbo, Dr. Uwe Knotzer, said: “Voith is the technology leader in drive technology in many industries. The portfolio of ELIN Motoren is an excellent addition to our industrial drive solutions and supports our position as a technology-independent supplier of drive systems. With the 125 years of experience of ELIN Motoren, we will achieve a significant advantage for our customers in drivetrain electrification.” The Group Division Voith Turbo is part of the Voith Group and a specialist for intelligent drive technology, systems as well as tailor-made services in industries such as oil and gas, energy, mining, mechanical engineering, ship technology, rail, and commercial vehicles.
ELIN Motoren GmbH manufactures electric motors and generators with a focus on electric machinery, low- and medium-voltage motors and generators especially for wind energy as well as decentralized energy generation. The company is headquartered in Weiz, Austria, where it was founded in 1892, and employs around 900 people with a turnover of approximately €120 million euros. Production is carried out in Austria, Bosnia and Herzegovina and Hungary.