Generac Holdings (GNRC) Enters Agreement to Acquire Germany-Based Motortech
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Generac Holdings Inc. (NYSE: GNRC) announced the signing of an agreement to acquire the assets of Motortech Holding GmbH & Co. KG (“Motortech”). The transaction, subject to regulatory approval, is expected to close in the first quarter of 2017.
Founded in 1988 and headquartered in Celle, Germany, Motortech is a leading manufacturer of gaseous-engine control systems and accessories. The company’s gaseous-fuel sub-systems include knock detection, mixers, throttles and various controls, which are sold to European gas-engine manufacturers and to aftermarket customers. Motortech employs over 250 people at its German headquarters, manufacturing plant in Poland and sales offices located in the U.S. and China.
“By combining resources and technology, Generac and Motortech will lead the industry in innovative, spark-ignited engine generator offerings,” said Patrick Forsythe, Executive Vice President of Global Engineering at Generac. “This acquisition allows Generac to expand its global market for gaseous products beyond standby generators, and it aligns with our strategy of gas power-generation leadership. It will significantly expand our worldwide spark-ignited engine capabilities, complementing the international growth Generac has experienced.”
“This is a very exciting transaction for Motortech,” said Florian Virchow, CEO of Motortech. “The integration into Generac will create broader product-application markets globally, and is expected to bring meaningful opportunities to improve our product costs and ultimately the value we bring to our customers. We are pleased to join the Generac family and look forward to our continued success as we work together to lead the gaseous-fueled power-generation market around the world.”
The Virchow family and Motortech’s current management team will continue to lead the Motortech business after the acquisition is complete.
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