Germany's Deutz moving towards sale of Torqeedo subsidiary -source

Deutz AG

17/10/2023 16:16

BERLIN, Oct 17 (Reuters) - German engine builder Deutz
 DEZG.DE  is moving towards the sale of its subsidiary Torqeedo,
a source told Reuters on Tuesday.
    A Deutz spokesperson said the company is in talks with
several interested parties. 
    Deutz took over Torqeedo in 2017 as part of a strategy to
expand its business towards more hybrid and battery-electric
offerings. 
    The takeover at the time took up most of the 100 million
euros ($105.72 million) in investments allocated to the push.
    

($1 = 0.9459 euros)

 (Reporting by Matthias Inverardi and Tom Kaeckenhoff, Writing
by Miranda Murray, Editing by Sabine Wollrab and Friederike
Heine)
 ((Miranda.Murray@thomsonreuters.com;))