Perkins and its affiliates have agreed to purchase IHI Agri-Tech Corporation’s (IAT) remaining share of the 400 Series engine joint venture.
For more than two decades, the joint venture has delivered a powerful range of engines in the 0.5 to 2.2 litre space. Manufactured in the United States, United Kingdom, China and Japan, there are currently more than 1 million Perkins 400 Series engines at work around the world, powering a wide range of off-highway equipment.
“We see growth potential in compact engines to power small equipment such as mini excavators, generators, skid steer loaders and access platforms,” said Perkins President Steve Ferguson.
“Perkins is well positioned to be the professional partner to the world’s best-known industrial, machinery and electric power brands. This deal confirms our commitment to the sector and adds to our already significant investment in a full range of Perkins products to meet EU Stage V emissions standards.”
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The deal will see Perkins and its affiliates acquire IAT’s remaining share of the joint venture, including the engines business of IAT, which will include the transfer of some machining operations owned by IAT’s subsidiary based in Jiangsu Province, PRC and intellectual property for the 0.5 to 2.2 litre engine range.
This initiative will streamline the business, improve responsiveness to changing customer need, and enable innovation in commercial as well as technical offerings. Perkins will work with customers of IAT’s engines business to provide continuity of products and services.
“Small engines are an integral offering in Perkins’ engine portfolio and we will continue to maximise customer value by offering cost competitive solutions,” Ferguson said. “Perkins will manage through the transition period and will build on the foundation of the joint venture as it continues to develop the next generation of 0.5 to 2.2 litre diesel engines to meet current and future customers’ needs.”