Voith Group announced its plans to acquire 70% of ELIN Motoren GmbH, the Austrian electric motor manufacturer. Both companies signed a corresponding purchase contract on Dec. 20.
The transaction, subject to regulatory approvals and other conditions, is expected to close near the start of the second quarter of 2020. Financial terms were not disclosed.
The move pairs the majority of ELIN Motoren, an electric motor and generator producer, with Voith, which specializes in drive technology across several 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,” said Uwe Knotzer, president & CEO of Voith Turbo. “With the 125 years of experience of ELIN Motoren, we will achieve a significant advantage for our customers in drivetrain electrification.”