German propulsion expert Schottel has decided to acquire a majority stake in elkon, a Turkish specialist for marine electrical system integration.
The contract has been signed in Istanbul, Turkey, and announced at the Nor-Shipping trade fair in Oslo, Norway.
With the takeover, the German company intends to grow even stronger from a strategic point of view:
“With elkon as … supplier of electrical power system engineering, design and integration for vessels, we will be able to achieve this,” Stefan Kaul , CEO of Schottel, explained.
“We will expand our portfolio to include everything regarding generation, distribution, storage and management of electrical energy on board of vessels. Schottel becomes a complete system supplier for electrical and green propulsion .”
In the overall scope of both companies, energy-efficient propulsion concepts, hybridization and electrification are now offered in a complementary way. There is a particular overlap in the field of propulsion hybridization in the new build and conversion business.
Both companies will continue to offer the usual independent services in the market. The customer advantage lies in the expansion of both portfolios and the possible commissioning of turnkey solutions for propulsion systems and system integration, according to Schottel.
On both sides, the option to integrate respective market partners remains available.
“In the past, Schottel and elkon have already been contracted independently of each other in projects on several occasions. They involved virtually every possible vessel type, from tugs and ferries to offshore vessels… In the longer term, they will benefit from each other and further develop, especially towards green propulsion,” Ertuğ Yaşar , Managing Director at elkon, said.
elkon will take an important leap forward in internationalization — in addition to the current regional focus on Europe, some Caspian Sea countries and the Middle East as well as North America, it will benefit from the global reach of the Schottel network.
Specifically, Schottel will take over the majority stake in elkon from the family investment house Vera Capital; the minority stake will remain with elkon’s senior engineers and management.
elkon will become a legally independent subsidiary of Schottel Industries GmbH, a holding company that, in addition to Schottel GmbH, already includes companies in the automation and gearbox technology sectors. The takeover is expected to take effect this spring, following a review by the antitrust authorities.
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