Steyr Motors GmbH Acquires BUKH Marine Engine Specialist

Steyr Motors GmbH, a mission-critical propulsion specialist, announced the acquisition of BUKH, a Denmark-based marine engine specialist. This strategic bolt-on acquisition is expected to broaden Steyr Motors GmbH' product offering, expanding its marine power range from 120-300hp to 24-700hp. BUKH is projected to achieve EUR 10m in sales in 2025 with a 10% EBIT margin, which is expected to improve through cross-selling and cost synergies. The purchase price is in the mid-seven-figure range, partly paid in shares, cash, and an earnout component, and is considered accretive. The transaction will enhance Steyr Motors GmbH' participation in tenders requiring a wider power spectrum, particularly for unmanned surface vessels (USVs) in the United States and Europe. BUKH also adds scale to Steyr Motors GmbH' SOLAS activities and brings established distribution and service reach, improving market access in Asia and South America. NuWays AG maintains a 'BUY' recommendation for Steyr Motors GmbH with a target price of EUR 59.