Germany's MAN Diesel SE and MAN Turbo AG are to work more closely together in future with the aim of forming a merger with each other under corporate law. By combining the complementary product portfolios, the merged company says it will strive for further growth, cost optimization and a stronger position in its respective market segments.
'This will allow the MAN Group to combine the engine and power plant expertise of the Diesel Engines business with the compressor and turbine technology of the Turbomachinery business to form a strong Power Engineering unit for the long term,' says Håkan Samuelsson, Chairman of the Executive Board of MAN SE.
MAN Diesel is a leading provider of large-bore diesel engines for use in ships and power plants, while MAN Turbo specializes in the development and construction of compressors, gas and steam turbines. By combining these two areas, the merged company will be able to offer its customers product packages such as turnkey DCC power plants (Diesel Combined Cycle), for example, or waste heat recovery systems for marine applications.
The new combination will have annual revenue of around €4 billion and employ a workforce of approximately 12,000 people worldwide. Its headquarters will be in Augsburg.