Danish multi-national Danfoss has announced the acquisition of the majority shares of Artemis Intelligent Power Ltd – with plans to develop the firm’s existing facilities and generate new jobs.
Artemis Intelligent Power specialises in hydraulic system development, and the acquisition includes Artemis’s Digital Displacement® technology, which will enable Danfoss to develop hydraulic pumps, motors and systems for use in off-road vehicles, trains, industry and other market sectors worldwide.
Danfoss also confirmed they will establish a manufacturing presence near to Artemis’s existing facility at Loanhead, just outside the capital. This will enable them to deliver products to the market based on Digital Displacement technology, while establishing Edinburgh as the centre of excellence for this technology.
A further announcement on their development plans is expected in the coming weeks.
Commenting on the acquisition, Eric Alström, President, Danfoss Power Solutions, said:
“Digitalisation is a key driver in our industry and Artemis Intelligent Power constitutes a strategic fit with our ambition for technology leadership, innovation speed and the core product differentiators of efficiency and controllability. Digital Displacement technology will provide Danfoss with a competitive advantage in developing innovative Danfoss products and systems and bringing them to the market. The team at Artemis has the right entrepreneurial spirit and agile mindset, and I’m looking forward to welcoming them to Danfoss.”
Earlier this year, a consortium comprising Danfoss and Artemis secured £11 million from the Advanced Propulsion Centre UK to help develop Digital Displacement technology, alongside Scottish firm Robbie Fluid Engineering.
Artemis will now become a joint venture between Danfoss and Mitsubishi Heavy Industries (MHI), with Danfoss as the majority shareholder.
Jeff Herrin, Vice President, R&D at Danfoss Power Solutions, comments:
“Danfoss Power Solutions and Artemis Intelligent Power have enjoyed many years of close relationship, working on the development of Digital Displacement technology together.
“We now look forward to commercialising this technology in a new family of hydraulic pumps. With this collaboration with both Artemis and Mitsubishi, these development activities will accelerate and broaden in scope. I’m truly looking forward to working closely with MHI colleagues to fully develop the potential of the AIP business and its associated technologies.”
Niall Caldwell, Managing Director at Artemis Intelligent Power, says:
“For as long as people need to dig, build and plough, we will need heavy machines to help. But this market urgently demands cost-effective digital technologies to reduce emissions and enable automation. I’m thrilled that our technology and our team have been recognised as a key part of the solution by a leading global manufacturer. Like Mitsubishi, Danfoss sees developing energy-saving technologies as the foundation of its future business.”
The acquisition is subject to necessary approvals by relevant authorities. The acquisition is expected to be fully completed during the fourth quarter 2018. The parties have not disclosed the purchase price or other conditions of the acquisition.