Terms of the sale were undisclosed
US-based Twin Disc, maker of transmission, propulsion, steering and other systems for marine and other sectors, has acquired family-owned Veth Propulsion of the Netherlands.
CEO Erik Veth has not disclosed sale terms. He said he sold his company as none of his four children were interested in joining it. Veth Propulsion employs 170 people. Veth said he was pleased to sell his company to Twin Disc, which he called “a high-quality outfit”. He added he ignored bids from “multinationals, billion-dollar companies.”
Veth is a specialist in propulsion gear for yachts, naval and commercial vessels with some 50 sales points worldwide. Its marquee technology is the Veth jet that sucks in water from under the vessel through a horizontal propeller. Already some 2,000 units have been installed.
Based at Racine, Wisconsin, Twin Disc develops and manufactures es power transmission products for the marine sector (pleasure, patrol and heavy-duty commercial craft) as well as the energy, transport, agriculture and other land-based industries.
Veth Propulsion remains based at Papendrecht near the Port of Rotterdam. Its buildings were excluded from the sale. Erik Veth will rent them out for to Twin Disc for 15 years. The brand name Veth will remain and Twin Disc plans to invest in Veth Propulsion.