Danfoss said it has acquired Visedo Oy, expert in electric solutions for the off-highway and marine markets headquartered in Lappeenranta in Finland.
“Acquiring new innovative technology is an important part of our investment in growth,” said Kim Fausing, Danfoss president and CEO. “Electrification is a fast-developing area and holds tremendous potential, and Visedo is a great example of how we can focus on customer needs and at the same time strengthen our offering by providing a broader range of solutions.”
Visedo will be integrated into the Danfoss Power Solutions business segment. The acquisition includes all Visedo subsidiaries globally and a design and manufacturing site located at its headquarters in Lappeenranta.
Eric Alström, President, Danfoss Power Solutions, said, “With this acquisition, we position Danfoss and the Danfoss Power Solutions business even stronger. We see a growing demand for electric solutions within off-highway vehicles and the marine market in response to the more stringent emissions regulations being imposed in these markets, as well as efficiency and productivity gains that these solutions bring. Danfoss will, based on this acquisition, continue to invest in electrification to further strengthen our position in the industry.”
“Joining forces with Danfoss means a quantum leap for our mission to end pollution with our electric solutions,” said Kimmo Rauma, Head of Visedo. “Together with Danfoss, we will have more capacity and investment for greater innovation and market opportunities.”
Tuomo Rönkkö, Chairman of the board for Visedo, said, “The acquisition acknowledges the knowhow and excellence built over the years between Visedo and the Lappeenranta University of Technology
. The long-term commitment of the original investors and the ability to find the best experts to work for the company have been the base for this success story. We are happy the story will continue and bring more investments to the entire region.”
The parties have not disclosed the purchase price or other conditions of the acquisition.