A Hong Kong-based investment company has acquired 100 percent of Austrian diesel engine manufacturer Steyr Motors GmbH, including its North American subsidiary.
The shareholders of Steyr Motors GmbH and Phoenix Tree HSC Investment (Wuhan) Co. Ltd. announced Wednesday that the two firms have concluded an acquisition agreement.
Austria-based Steyr Motors presented the world's first parallel-hybrid propulsion system for boats in 2008, winning innovation awards at METS and IBEX. In cooperation with the Dutch company Mastervolt, Steyr is described as being the leading manufacturer of hybrid propulsion systems for pleasure boats. As of 2009 the company claimed annual revenues of $29 million Euro, and 105 employees worldwide.
Phoenix Tree HSC Investment (PTC) is a financial investor with strategic orientations, self-described as "selectively looking for investment opportunities that provide a synergy between European technology and Chinese cost and market potentials.'
The new ownership is expected to provide significant investment funding, allowing Steyr to further develop its hybrid and diesel power systems.