GERMANY (News release) -- Voith signed a purchase agreement to take over 70% of shares in electric motor manufacturer ELIN Motoren GmbH.

It is expected that the acquisition of the shares in both companies will be completed during the first six months of the 2020 calendar year, and it is conditional on obtaining all government approvals and the fulfillment of other common closing conditions. All parties involved are keeping the purchase prices confidential.

ELIN Motoren GmbH is a globally active, high-tech enterprise for electric motors and generators and provides customized solutions for industrial applications. Based in Weiz, Austria, the company has around 900 employees and generates revenues of approximately Euro 120 million. With its product portfolio, ELIN Motoren GmbH serves the target markets of wind energy, plastic, tunnel construction and mining, oil and gas, plant engineering, and power plants. The portfolio of ELIN Motoren GmbH is an outstanding addition to the existing industrial-drive solutions. It strengthens the position of Voith as a technology-independent supplier of electrical and mechanical drive systems.