Consolidates RENK Capabilities in AFV Market
RENK signed an agreement on 1 March to acquire Combat Propulsion Systems (CPS) and Magnet-Motor (MM) businesses from L3Harris Technologies. The transaction, subject to regulatory approvals, is expected to close by mid-year.
On completion, RENK will create a global developer and supplier of combat mobility solutions, with key operations in Europe and the US, while combining its state-of-the-art technologies with those of the previously acquired Horstman Group, CPS and MM.
CPS is a well-established supplier of transmissions and engines in the US and international armoured vehicle markets. It is a leading player in meeting current and future US Army requirements. By leveraging this footprint, and its existing 350 employees, through additional technology solutions from RENK, CPS can expand its leading position with international armed forces.
MM is a leader in development and design of high-performance electric power supplies and hybrid drive systems for military applications, and is already cooperating with RENK on key strategic programmes to provide the next generation of hybrid drive solutions.
“RENK will gain a strong presence in the US armoured vehicle market, a market with sales prospects of around $10 billion [€8.3 billion) annually. Our strategic acquisition of CPS ideally positions us for the Next Generation Combat Vehicle programmes,” declared Florian Hofbauer, RENK CEO.
CPS General Manager, Ted Trzesniowski, added “With RENK, we have the technology leader on our side whose edge provides us with important strategic advantages. Together, we will be better positioned than ever to capitalize on promising market opportunities in the US and internationally.”