Voith Plans Takeover of ELIN Motoren
Technology Group Voith plans to acquire 70% of the shares in the Austrian electric motor manufacturer ELIN Motoren GmbH.
A corresponding purchase contract was signed on December 20, 2019. ELIN Motoren GmbH is a global high-tech company in the area of electric motors and generators and provides customized solutions for industrial applications.
“Voith is a 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,” says Dr. Uwe Knotzer, President & CEO of Voith Turbo.
The closing of the transaction is anticipated to occur at the beginning of the second quarter 2020 and is subject to regulatory approvals and meeting other usual closing conditions. Both parties agreed not to disclose the purchase price.