Gula Skrinet has reached an agreement with Caterpillar Luxembourg Sarl to acquire Caterpillar Propulsion AB and its subsidiaries. The sale is expected to close on June 30, 2020.
Caterpillar Propulsion AB, formerly Berg Propulsion AB, is a manufacturer of mechanically and electrically driven propulsion systems and marine controls for ships.
The proposed acquisition includes Caterpillar Propulsion AB and its subsidiaries, including Caterpillar Propulsion Production AB, as well as Caterpillar Propulsion, its subsidiary Caterpillar Propulsion International Trading (Shanghai) and its Dubai branch. The transaction will include the manufacturing operations in Sweden and Singapore and office locations in Shanghai and Dubai.
Stefan Sedersten, previously the COO and shareholder of the former Berg Propulsion AB, has a decade of experience in different roles within Berg along with a deep understanding of the global marine business. Stefan is the chairman of Lean Marine Sweden AB and I-Tech AB (publ.), businesses focused on marine equipment and vessel optimisation. The current team within Caterpillar Propulsion will transfer with the sale ensuring continuity of support for current and future customers.
“My message to customers, suppliers and other external partners is clear – we will honor all existing contracts and agreements and make sure to safeguard a seamless transition,” Sedersten said.
The new owner of the company is dedicated to building on what has been achieved during the years with Caterpillar and to continue to develop the company’s external relationships, products and services in close cooperation with customers and partners.
“Our aim is to combine the best of two worlds, the innovative and efficient approach of the big company with the flexibility and nimbleness of the small enterprise. This propulsion business is a household name in the industry, well-known for its dedication to customer satisfaction, reliable products and services, and we have every intention to make sure it continues that way. I look forward to serve the customers together with the skilled and experienced people in the entity where I´ve spent much of my past career”.
Upon closing of the sale, the products and services will be branded Berg Propulsion.