Gula Skrinet AB to Acquire Caterpillar Propulsion AB
Gula Skrinet AB 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. Caterpillar Propulsion AB, formerly Berg Propulsion AB, is a manufacturer of mechanically and electrically driven propulsion systems and marine controls for ships.
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.
Stefan Sedersten, previously the COO and shareholder of the former Berg Propulsion AB, has a decade of experience in different roles within Berg. Sedersten is the chairman of Lean Marine Sweden AB and I-Tech AB (publ.), businesses focused on marine equipment and vessel optimization.
The current team within Caterpillar Propulsion will transfer with the sale ensuring continuity of support for current and future customers.
Stefan Sedersten is committed to preserve continuity with Caterpillar customers and dealers and to maintain a close business relationship with Caterpillar Inc., supporting both MaK and Cat marine sales, as well as developing its products and services further with other customers in the marine sector.
“My message to customers, suppliers and other external partners is clear – we will honor all existing contracts and agreements and make sure to safeguard a seamless transition,” Sedersten said.
Headquartered in Öckerö Islands outside Gothenburg, Sweden, Caterpillar Propulsion AB has designed and manufactured heavy-duty marine thrusters and controllable pitch propellers since the late 1920s. Its proprietary systems are employed in maritime applications throughout the world.
Upon closing of the sale, the products and services will be branded Berg Propulsion.