Caterpillar Propulsion, formerly Berg Propulsion, has been take over by its former COO and shareholder Stefan Sedersten.
Sedersten, via his fully owned special purpose holding company Gula Skrinet, has entered into an agreement to acquire Caterpillar Propulsion and its subsidiaries.
The transaction will include the company’s manufacturing operations in Sweden and Singapore, and office locations in Shanghai and Dubai. The deal is expected to close on June 30.
Stefan Sedersten is a veteran in the global marine business. He is also the chairman of Lean Marine Sweden and I-Tech, both focused on the businesses of marine equipment and vessel optimisation.
According to Sedersten, he is committed to preserve continuity with Caterpillar customers and dealers and maintaining a close business relationship with Caterpillar Inc., supporting both MaK and Cat marine sales, as well as developing its products and services further with other customers in the marine sector.
“Our aim is to combine the best of two worlds, the innovative and efficient approach of the big company with the flexibility and nimbleness of the small enterprise. This propulsion business is a household name in the industry, well-known for its dedication to customer satisfaction, reliable products and services, and we have every intention to make sure it continues that way. I look forward to serve the customers together with the skilled and experienced people in the entity where I´ve spent much of my past career,” Sedersten said.
Headquartered in Öckerö Islands outside Gothenburg, Sweden, Caterpillar Propulsion is a global supplier of customized marine propulsion systems comprising transverse and azimuth thrusters, controllable pitch propellers and control systems.