German company acquires 40 per cent of Aspin Kemp
Aspin Kemp and Associates and a German diesel engine company have joined forces.
A new partnership between Aspin Kemp and Associates (AKA) and a German diesel engine company appears to be a match made in marine power heaven.
MAN Diesel & Turbo SE have acquired a 40 per cent holding in the P.E.I. company, a move which owners said will allow for new innovation while also bringing growth to marine and energy sectors in P.E.I. and other areas of Canada.
AKA co-founder Jason Aspin said the new partnership will help AKA build its potential with MAN in a broader market through the German company’s prestigious brand, global sales network and strong engineering foundation.
In fact, Aspin described MAN as “the perfect partner.”
“They specialize in diesel engines and turbines, the mechanical side of providing power. We specialize in the electrical side of providing power,” said Aspin, who will remain a controlling shareholder and CEO of AKA while fellow co-founder Neale Kemp will retire from active business operations. “It’s a great match. We continue to retain control of the company and have got a partner with a strong investment in the company so it’s a good fit.”
Aspin said the move, which has been in the works for about a year, will also benefit Islanders.
“It’s going to mean a lot for our company. What’s good for company is also good for the Island and the communities we work in,” said Aspin, who also thanked the community.
MAN is the world’s leading provider of large-bore diesel and gas engines and turbo machinery, employing around 14,500 staff in more than 100 international sites.
While the company may be unfamiliar to those outside of the industry, MAN powered vessels deliver more than half of all products shipped overseas.
Members of both companies celebrated the partnership during a formal announcement at AKA’s Montague headquarters on Monday. MAN CEO Uwe Lauber said AKA’s expertise will bring MAN closer to the strategic objective of being the market-leading system supplier for energy management onboard ships.
“AKA is a technological pioneer in growth niches that are of decisive importance for us, for example in the integration of battery storage technology for hybrid drive systems for the maritime sector,” said Lauber. “Hybrid drives are becoming ever-more important as they help to improve the efficiency of the drive systems and at the same time reduce emissions.”
Premier Wade MacLauchlan congratulated the P.E.I. company for its major development.
“This reflects the strong workforce and leadership of the company and the competitive advantages they bring to Prince Edward Island in marine navigation and power systems,” said MacLauchlan. “This represents a major opportunity for eastern P.E.I. and our entire province.”
The transaction is subject to the approval of the Supervisory Board of MAN SE and of the responsible regulatory authorities.
“They specialize in diesel engines and turbines, the mechanical side of providing power. We specialize in the electrical side of providing power. It’s a great match. We continue to retain control of the company and have got a partner with a strong investment in the company so it’s a good fit.” Jason Aspin
Aspin Kemp and Associates co-founder Jason Aspin, left, shakes hands with MAN Diesel & Turbo SE executive board member Wayne Jones during an event celebrating a new partnership between the two companies. MAN has acquired a 40 per cent holding in the P.E.I.-based company.