Acquisition of BUKH A/S expands the company’s capabilities in SOLAS-certified and mission-critical marine propulsion systems
Steyr Motors has strengthened its position in the mission-critical marine sector after signing a binding agreement to acquire 100% of the shares in Danish firms BUKH A/S and SLC Ejendomme ApS.
Austria-based Steyr Motors, a long established as a leading developer of customised engines for demanding defense and civilian applications, described the move as a major strategic milestone. The acquisition brings into the group BUKH, an internationally recognised specialist in SOLAS-certified propulsion systems for rescue vessels and military craft.
By integrating BUKH, Steyr Motors is expanding its range of engines from the previous 120 to 300 hp to 24 to 700 hp in the future. This creates a virtually comprehensive portfolio of marine engines for the first time, enabling Steyr Motors to position itself as a full-range supplier. The expanded product range opens up new opportunities for Steyr Motors to participate in international tenders across multiple performance levels, significantly increasing the revenue potential per customer. At the same time, it further strengthens the company’s position as a system provider in the field of mission-critical marine applications.
BUKH is internationally recognized as a leading supplier in the SOLAS (Safety of Life at Sea) segment – a highly regulated market with high barriers to entry and long-term spare parts and service cycles. The globally applicable SOLAS regulations define binding requirements for ship safety, rescue equipment (e.g. lifeboats), fire protection, emergency and evacuation systems, among other things. The engines are used in particular in lifeboats, fast rescue boats, civil special applications, and in the defense sector – wherever maximum reliability under extreme conditions is required. Founded in 1899 and headquartered in Krusaa, Denmark, BUKH employs staff in Denmark and China. The company is led by an experienced, well-connected, and dedicated management team.
BUKH’s annual sales volume of SOLAS-certified engines is around four times the previous SOLAS marine volume of Steyr Motors. In addition to a significant increase in unit numbers, the transaction strengthens the industrial base with a second European production site and, at the same time, increases supply chain resilience.
In addition, BUKH has a strong international distributor and service network, which significantly improves market access, particularly in Asia and South America. This complementary customer and sales structure enables immediate cross-selling potential and accelerated international scaling without additional infrastructure investments. Significant sales synergies are also expected.
The expanded performance range opens up additional opportunities – especially in the field of unmanned surface vessels (USVs). Steyr Motors is already experiencing strong growth in demand in this area, but has not been able to take on all projects due to its limited performance range. The integration of the BUKH platform strategically closes this gap.
At the same time, the acquisition strengthens the company’s position as leading SOLAS player in the civil and defense marine segment. SOLAS certifications create long-term customer loyalty, recurring aftermarket revenue, and a stable, high-margin business structure.
The combination of both companies opens up substantial operational and strategic synergy effects. The complementary product portfolios and sales structures create immediate cross-selling potential, particularly in the high-margin aftermarket business, which traditionally generates above-average spare parts and service profits in the SOLAS segment.
A key strategic lever lies in the planned platform strategy: combining BUKH’s SOLAS integration expertise with Steyr Motors’ know-how and base engines creates a foundation for accelerated development cycles, shorter time-to-market processes, and more efficient R&D resource utilization. In addition, harmonizing IT and support structures creates further efficiency opportunities at the Group level. Overall, Steyr Motors expects the integration to result in a sustainable improvement in operating profitability and a structural strengthening of EBIT margins in the coming years.
Julian Cassutti, CEO of Steyr Motors, comments: “By acquiring BUKH, we are gaining a globally recognized SOLAS specialist for mission-critical applications. With an expanded performance portfolio, we can immediately address additional market opportunities, particularly in the rapidly growing USV segment, where we are already experiencing very high demand. This transaction represents a strategic quantum leap for us in the marine and defense business and also marks the start of a series of potential further acquisitions as part of our strategic M&A agenda.”
The purchase price will be financed through a balanced combination of cash and a capital increase by contribution in kind. A significant portion of the purchase price will be paid in cash, while the remaining portion will be paid through the issuance of new shares from authorized capital. The seller is subject to a lock-up obligation. Additionally, an earn-out model linked to operating performance indicators for the coming financial years has been agreed upon, thus ensuring that the interests of the buyer and seller are aligned. The transaction structure is designed to maintain Steyr Motors AG’s solid capital structure while allowing scope for further organic growth and strategic initiatives. On an EBIT basis, the acquisition will already have a clear value-enhancing effect in the first full year of consolidation.
The transaction is subject to customary conditions precedent and is expected to close by the end of the first quarter of 2026.
To ensure a smooth integration process, the previous owner and CEO of BUKH, Søren Christiansen, will remain on the BUKH Supervisory Board for at least two to three years and actively support the integration. This will ensure the transfer of knowledge, stability of distributors, and continuity of operations.
