The FINANCIAL -- Volvo Penta has signed an agreement to become the major owner of innovative premium outboard motor manufacturer, Seven Marine, enabling the Swedish company to extend its scope of world-leading integrated propulsion systems.
“With this acquisition, Volvo Penta is entering the outboard motor segment, says Volvo Penta president, Björn Ingemanson. “With Seven Marine, we are on a journey to expand the scope of supply with our customers and invest in the growth of a platform to shape the future of the outboard industry.”
The deal will broaden Volvo Penta’s technology platform, offering a modular, cutting-edge solution, regardless of the energy source, to deliver the desired power in the water. Seven Marine will be able to further develop its existing innovative outboard technology to satisfy a wider range of needs for its premium and exclusive customer base. This acquisition will strengthen their combined footprint in the marine market, according to Volvo.
“This is an exciting step for Volvo Penta,” says Ron Huibers, president of Volvo Penta of the Americas. “We are combining the strength of two highly innovative companies to deliver an unbeatable engine range for the gasoline segment. We will not only come to market with an extremely attractive outboard solution, but we will deliver the benefits of our world-class service network to a broader range of customers.”
Seven Marine, based in Milwaukee, Wisconsin USA, was founded in 2010 by a team with many years’ specialist experience in marine technology.
With a proven track record in delivering high performance gasoline outboards for the high-end leisure market, Seven Marine produces the most powerful outboard models in the world, running at 557 and 627 hp.
With this acquisition, the two companies will collaborate to continue to develop Seven Marine’s leading outboard offerings, which not only leverages the strength of the company’s existing technology, but also has sustainability in mind.
“The Seven Marine concept mirrors the successful strategy we have followed in pursuing automotive technology,” says Björn Ingemanson, president of Volvo Penta. “Just as we are a leader in diesel and gasoline engine technology, Seven Marine leads its market for state-of-the-art outboards.”
He adds: “We have a shared vision for the future, and this deal provides an ideal platform for us to grow and adapt together. We will move forward in leading the development of world-class performance and sustainability for the most premium of outboard motor segments.”