COLOGNE, GERMANY - EQS Newswire - 9 October 2019 - Today, DEUTZ AG announced its purchase of Futavis GmbH, a development service provider for battery management hardware and software. The purchase of Futavis GmbH enables DEUTZ AG to incorporate batteries, a crucial core component, in its electrification strategy.
Futavis has extensive technical expertise in electronics, software, battery technology, and battery testing and in ensuring functional safety. The systems knowledge of DEUTZ subsidiary Torqeedo in the area of electric drives will thus be supplemented with high-voltage battery technology.
"Battery technology is a vitally important element of our E-DEUTZ strategy, which we will be further expanding with the Futavis acquisition. With Futavis adding to the strong systems expertise of our DEUTZ and Torqeedo development teams by contributing its knowledge of components for high-voltage batteries, battery management systems, and safety engineering, we are taking the next step towards CO2 free off-highway-mobility," says Dr. Frank Hiller, CEO of DEUTZ AG.
Futavis also welcomes its acquisition by the Cologne-based drive system specialist. "In DEUTZ, Futavis has found the ideal partner that will enable it to continue to grow and scale up. It has a strong global brand, access to worldwide markets for high-performance on- and off-highway drive systems, and systems engineering development expertise. And last but not least, the collaborative partnership has worked very well over the past few months. I look forward to growing alongside DEUTZ in the future," explains Dr. Jens Bockstette, founder and managing director of Futavis GmbH.
Futavis GmbH has developed and implemented numerous systems for prestigious customers in the automotive and commercial vehicle sectors. Founded in Alsdorf in 2013, the company employs around 30 people and is aiming to generate revenue of more than EUR5 million in 2019. The parties have agreed not to disclose the purchase price.
Upcoming financial dates
November 7, 2019: Interim management statement for the first to third quarter of 2019
March 18, 2020: 2019 annual report / annual results press conference
May 14, 2020: 2020 Annual General Meeting
Further information is available at www.deutz.com.
This investor news may contain certain forward-looking statements based on current assumptions and forecasts made by the DEUTZ management team. Various known and unknown risks, uncertainties, and other factors may lead to material differences between the actual results, the financial position, or the performance of the DEUTZ Group and the estimates and assessments set out here. These factors include those that DEUTZ has described in published reports, which are available at www.deutz.com. The Company does not undertake to update these forward-looking statements or to change them to reflect future events or developments.
The issuer is solely responsible for the content of this announcement.