Chinese Investor Buys Steyr
Posted on September 27, 2012
Steyr Motors GmbH and Phoenix Tree HSC Investment (Wuhan) Co Ltd (PTC) have closed a purchase deal with 100% of the shares of Steyr Motors GmbH and its subsidiaries Steyr Motors Liegenschaften GmbH and Steyr Motors North America Inc going to the Chinese investor group. No financial details were provided.
PTC is a Hong Kong based strategic financial investor that is dedicated to pursuing opportunities that combine European technology and Chinese cost and market potentials. Following this strategy, PTC said it is investing in European as well as Chinese locations to strengthen European innovation, R&D competences and experience in Western markets, while adding Chinese advantages such as high market potentials and low production costs.
Following the PTC acquisition, Steyr expects significantly expanded engineering and production volumes. The two companies said they will work to establish new business opportunities in China, expanding engineering services to develop new engine types while simultaneously extending market activities in Asia through cooperative arrangements with local production facilities.
Steyr will be expanded to become the worldwide engineering center for the new operation, with a focus on the development of new diesel engines for stationary applications and vehicles as well as marine and general aviation applications. To make this possible the purchase of additional areas next to the existing production facility was agreed on by contract with the Stadtgut Steyr