Aspin Kemp forms major partnership with German company

The P.E.I.-based marine engineering firm announced a new partnership with MAN Diesel & Turbo of Germany on Wednesday morning.

The agreement will see MAN Diesel & Turbo acquire a 40 per cent stake in Aspin Kemp.

Aspin Kemp, with its head office in Montague, is a major employer on the Island, with about 125 workers. MAN employs 14,500 people at more than 100 sites all over the world.

Aspin Kemp CEO Jason Aspin described MAN Diesel & Turbo as the perfect partner. The company is a world leader in the manufacture of marine diesel engines. Aspin Kemp specializes in bridging battery storage systems and maritime engines, with a focus on creating hybrid diesel-electric propulsion for ships.

"We will benefit from the global prestige of the MAN brand, the global sales network, and customer base, as well as their strong engineering foundation," said Aspin, in a news release.

In turn, Aspin Kemp brings innovative technology to the German company, said MAN CEO Uwe Lauber.

"AKA is a technological pioneer in growth niches that are of decisive importance for us," said Lauber.

The transaction is subject to the approval of the supervisory board of MAN SE and of the responsible regulatory authorities.

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