Pankl Racing Systems AG this month concluded a share sale and purchase agreement with the German turbo-supercharger development company APC-Advanced Propulsion Concepts GmbH and its shareholders.
Under the agreement, Pankl will acquire a 51 percent stake in a two-step transaction, and Pankl and APC will jointly develop the turbo supercharger business for motor racing.
"As a young company, we specialized in high technology applications in niche markets from the very start," said APC founder Professor Hans-Peter Schmalzl. "Especially motor racing provides us with excellent future perspectives. We consider our cooperation with Pankl Racing Systems AG an excellent opportunity to further strengthen our market position and to substantially accelerate our growth momentum."
According to Pankl CEO Wolfgang Plasser, his company had sought to enter the turbo supercharger business since 2007. "The combination of the extensive APC knowhow with our production capabilities, global presence and networks opens significant possibilities," he added.