Voith becomes sole owner of ELIN Motoren
Published by Sara Simper,
Editorial Assistant
World Pipelines,
Since 1 May 2020, a 70% of ELIN Motoren GmbH has been owned by Voith Group. The other 30% of the company remained with the long-standing Managing Director Franz Hrachowitz. At the end of 2021, the two parties agreed on the acquisition of the remaining stake.
"For Voith, this is a further step in strengthening our core business and consistently expanding it in the direction of sustainable technologies," says Dr. Toralf Haag, CEO of the Voith Group.
ELIN Motoren GmbH has a total of about 1000 employees and generates a turnover of about €120 million. The company manufactures electric motors and generators in small series as well as individualised solutions for industrial applications. In this area, the company focuses on electric machines, motors in the low-voltage, medium-voltage and high-voltage range, and generators, in particular for wind energy and decentralised energy generation. With its product portfolio, ELIN Motoren serves the target markets wind energy, plastics, tunnels and mining, oil and gas, plant construction as well as power plants.
"Voith Turbo is regarded worldwide as a leading technology-independent supplier of drive systems. Together with ELIN Motoren, we have been able to achieve a significant advantage for our customers in the electrification of the drivetrain in recent years. The acquisition is therefore an important milestone and contribution to driving forward decarbonisation and the associated reduction of CO2," adds Cornelius Weitzmann, CEO of Voith Turbo.
The full acquisition of ELIN Motoren by Voith will have no impact whatsoever on business operations. The areas of activity will remain unchanged. Furthermore, there will be no personnel changes in the Group Division’s management. ELIN Motoren will continue to operate under the established brand. As a result, customers of both companies will continue to have access to the same sales channels.
Read the article online at: https://www.worldpipelines.com/business-news/25012022/voith-becomes-sole-owner-of-elin-motoren/
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