Deutz soars after CEO says it plans expansion in defence, generators

Deutz AG

24/06/2024 08:45

** Shares in German motor manufacturer Deutz  DEZG.DE  rise
13%, topping Germany's small-cap index  .SDAXI , after its CEO
said it plans to expand in the defence and generators markets
    ** CEO Sebastian Schulte told Welt am Sonntag that Deutz
sees defence and local energy production as growth areas
    ** Tanks and personnel transporters might take Deutz motors,
while field hospitals might take batteries, Schulte said
    ** He added that plans to expand the supply of diesel
generators were further advanced, with potential in markets such
as the U.S. where some regions have power cuts several times a
month
    ** Deutz currently supplies only motors for generators, but
it intends to supply the whole system in the future, the report
says
    ** Contacted by Reuters, Deutz confirmed the information
reported by Welt
    ** Deutz shares are on track for their best day since March
2020 if gains hold

 (Reporting by Louis van Boxel-Woolf)
 ((Louis.vanBoxel-Woolf@thomsonreuters.com))