Volvo Penta Becomes Majority Owner of Seven Marine, Builder of World's Largest Outboards
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.
"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."
World-class innovation Seven Marine, based in Milwaukee, Wisconsin USA, was founded in 2010 by a team with many years' specialist experience in marine technology. Volvo Penta, with approximately 3,500 dealers in over 130 countries, is a world-leading and global manufacturer of engines and complete power systems for boats, vessels and industrial applications. The engine program comprises diesel and gasoline engines with power outputs of between 10 and 900 hp. Volvo Penta is part of the Volvo Group, one of the world's leading manufacturers of heavy trucks, buses and construction equipment. AB Volvo Penta Telephone E-mail Web Corporate Communication ჺ 31 3233055 firstname.lastname@example.org www.volvopenta.com SE-405 08 Göteborg Sweden
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. Thanks to the unmatched horsepower of its outboards, the company is able to meet the demand for larger, outboard powered boats. Customers benefit from the ability to go farther, faster, more efficiently with leading and innovative product style and design. The company's small block V8 engines are fitted horizontally and leverage modern, automotive quality and technology. This includes use of fresh-water cooling for enhanced durability and corrosion protection and a supercharger to produce excellent performance.
Volvo Penta has over 110 years of experience as a market leader in engine and propulsion systems, delivering a history of innovations to the marine industry, such as the Aquamatic Sterndrive, Volvo Penta IPS, and Forward Drive. The company's easy boating philosophy is the driving force behind groundbreaking solutions to make boating easy, enjoyable and more fun. With its current product portfolio, Volvo Penta offers one of the widest ranges of worldclass marine diesel and gasoline engines in the industry.
The use of automotive technology is a common aspect between Volvo Penta's gasoline sterndrive range and Seven Marine's outboard motors. Seven Marine's approach to exploring new techniques and design architecture is a key driver behind Volvo Penta's decision to become majority owner in Seven Marine. 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-ofthe-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 worldclass performance and sustainability for the most premium of outboard motor segments." Seven Marine will operate as a stand-alone entity retaining its brand, product line and organizational structure.
Ron Huibers, Volvo Penta's president of the Americas region, will be the chairman of Seven Marine and Rick Davis will remain as Seven Marine's president and CEO.