Eleven months after joining Kreisel Electric, the agricultural technology group is taking the following steps: John Deere is expanding its research and development facility, creating space for approximately 70 additional employees. The secret of how much money the American multinational paid for the majority of the people in the Mühlviertel was revealed without fuss.
“Now is the time for us to start and clarify our leading position in electrification” – clear words from Markus Kreisel, one of the founders of the battery technology company from Rainbach im Mühlkreis, announced in September then majority shareholder John Deere: Production capacity is being expanded!
Eleven months after the mega deal became known, in which the American multinational had acquired 70 percent of the Mühlviertler company, the excavators are now rolling. For the past week, work has been underway to add an additional floor to the annex that houses Kreisel’s research and development department. The expansion should create space for 70 employees.
Not only is more space being created, automation in production is also being pushed forward. What arises: In Rainbach, the focus is on the development and construction of prototypes. Own productions are planned in the US and in Saran/France, which will take over series production. No location decision has yet been made in North America.
Kreisel focuses on battery solutions for buses or vans, construction equipment and marine applications, and also has a stationary charging station in its portfolio.
$276 million transferred for the 70 percent
Incidentally, if John Deere had said when the deal was announced that financial details about joining the Mühlviertel would not be disclosed, then that is a long history. The American multinational looked closely at the numbers when it published its company figures: $ 276 million was transferred for the 70 percent stake in the company in Upper Austria.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
