Twin Disc, Inc. has entered into a definitive agreement to acquire thruster manufacturer Veth Propulsion.
As of July 2018, Veth Propulsion will officially be part of the Twin Disc Group. The acquisition is to increase the global (distributor) network and is to ensure continuity. In December 2015, Veth Propulsion selected Twin Disc as its distributor for select Asian markets, which was expanded with a North American distribution partnership in 2016.
Strategic Fit
'I deliberately chose Twin Disc, Inc. as the most suitable acquisition partner regarding the fact that the continuity of Veth Propulsion will continue in the future,' says Erik Veth, Managing Director of Veth Propulsion.
John H. Batten, 4th generation President and CEO of Twin Disc, adds: 'Twin Disc, Inc. is still a family business, both companies share similar cultures based on providing customers with high-quality products and leading design, engineering and manufacturing services. A strategic expansion, which will create global market opportunities.'
'For now I will remain as Managing Director and there will be no significant changes for our staff, customers and suppliers.' says Veth.
Expand Global Market Opportunities
Production and service activities will remain headquartered in Papendrecht, the Netherlands, enhanced by a worldwide sales and distributor network. The partnership is to create synergy opportunities by merging know-how, products and brands and will increase scale and scope within the marine industry.
Picture: Veth Propulsion's Integrated L-drive has been nominated for the Maritime Innovation Award 2018 (picture by Veth Propulsion).
