Twin Disc completed the acquisition of Veth Propulsion for c. $61m.

Twin Disc, a provider of power transmission technology and equipment for marine- and land-based applications, completed the acquisition of Veth Propulsion, a provider of main and auxiliary marine propulsion products for c. $61m. The acquisition of Veth Propulsion establishes Twin Disc as a leading power control business for the global marine industry and expands Twin Disc’s presence in the market by adding complementary products and powerful new technologies. In addition, Veth Propulsion enhances Twin Disc’s engineering talent and product development capabilities. “The acquisition of Veth Propulsion creates a compelling opportunity with strong earnings accretion and returns on invested capital. For more than two years we have worked with Veth Propulsion and have developed a strong relationship and unique insight into their business and culture. This familiarity will allow for an efficient integration of their operations into Twin Disc while accelerating our sales and marketing opportunities. We are extremely excited about the platform we have created to serve the global marine industry and believe this acquisition will create significant value for our shareholders,” John H. Batten, Twin Disc President and CEO.