Gula Skrinet has finalised an agreement with Caterpillar Luxembourg Sarl to purchase Caterpillar Propulsion and its subsidiaries.

The financial details of the transaction were not revealed. The deal is scheduled to close on 30 June.

Formerly Berg Propulsion, Caterpillar Propulsion manufactures ‘mechanically and electrically driven propulsion systems and marine controls’ for ships.

With the deal, Gula Skrinet will also acquire Caterpillar Propulsion’s subsidiaries, which include Caterpillar Propulsion Production, Caterpillar Propulsion Pte, its subsidiary Caterpillar Propulsion International Trading (Shanghai) and its branch in Dubai.

It also includes Sweden and Singapore manufacturing operations and Shanghai and Dubai office locations.

The existing Caterpillar Propulsion team will transfer with the sale to ensure that the current and future customers receive continued support.

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By GlobalData

Former Berg Propulsion COO and current Lean Marine Sweden and I-Tech businesses chairman Stefan Sedersten said that the company aims to continue the service to Caterpillar customers and dealers.

Sedersten said: “My message to customers, suppliers and other external partners is clear – we will honour all existing contracts and agreements and make sure to safeguard a seamless transition.”

The owner of the company aims to add on to the current achievements and develop the relationships, products and services.

Sedersten added: “Our aim is to combine the best of two worlds, the innovative and efficient approach of the big company with the flexibility and nimbleness of the small enterprise.

“This propulsion business is a household name in the industry, well-known for its dedication to customer satisfaction, reliable products and services, and we have every intention to make sure it continues that way.

“I look forward to serving the customers together with the skilled and experienced people in the entity where I have spent much of my past career”.

After the closing of the deal, the products and services will be marketed under the brand Berg Propulsion.