GERMAN SCHOTTEL TO ACQUIRE A MAJORITY STAKE IN ELKON

Schottel GmbH, which is a subsidiary of the Germany-based Schottel Industries GmbH and manufactures propulsion and steering systems for ships and offshore applications, has become the majority shareholder of Elkon, a electrical system integrator operating in the shipbuilding industry. Thus, energy-efficient propulsion concepts, hybridization, and electrification, which are the main business lines of the two companies, will be offered so as to complement each other. “We’ll expand our portfolio in a manner that will include everything related to the generation, distribution, storage, and management of electricity in vessels,” said Stefan Kaul, General Manager (GM) of Schottel GmbH. As a result of the acquisition, Elkon will have access to the global network of Schottel, including over 170 service engineers and points in maritime hubs across the world, in addition to its existing regional network in Europe, the Caspian Sea, the Middle East, and North Africa. “The two companies will benefit from each other in the long term and further develop, especially in terms of environmentally-friendly propulsion systems,” said Ertug Yasar, GM of Elkon. With the acquisition, Elkon has also become a subsidiary of the holding company Schottel Industries GmbH.