Groundbreaking Ceremony For Steyr Motors In Austria
Published: Tuesday, 05 August 2014
In June, a groundbreaking ceremony announced the expansion of Steyr Motors, Austria, with a future engineering and production site. The event is an important step leading to the productive future of the company’s Austrian location and seals the promising cooperation of the Steyr management with the Chinese investors group Phoenix Tree Capital (HSC). The guests of honour included Provincial Economy Minister Michael Strugl and Mayor Gerald Hackl.
Established in 2001, Steyr Motors developed from the former Steyr-Daimler-Puch Group into one of the most successful manufacturers of high-performance diesel engines in the fields of naval and special vehicles. In 2007, the focus was expanded to include the sector of hybrid drives, a development that found international recognition, garnered numerous innovation awards, and began series production in 2008.
In 2012, HSC, in search of an investment opportunity that combined European technology with the advantages of the Chinese production market, bought 100% of the shares of Steyr Motors.
The impact of the Austrian location is promising. The focus is on the development of new diesel engines for the international market but also with particular focus on engines for the Chinese market. The owners will invest an additional 25 million euros for the development of new products. HSC intends to use synergies without moving Steyr Motors away from its corporate roots.
2014 has been an eventful year for Steyr Motors. A production facility and an engineering centre were also founded in Changzhou, China (Jiangsu province). The expansion of the Austria location represents an investment of 17.6 million euros and the creation of a space for innovation and technological development. With this expansion, Steyr Motors will approximately double its engineering and production capacity by the beginning of 2015.