Deutz to sell Torqeedo unit to Yamaha Motor

(Reuters) – Deutz has agreed to sell electric drive specialist Torqeedo to Japan’s Yamaha Motor, the German engine producer said on Friday.

The proceeds from the deal, which is expected to be closed within the first quarter of the current year, would be in a high double-digit million-euro amount, it said in a press release.

Shares in Deutz were up 6.6% at 11:07 GMT.

Deutz said it now plans to focus on growing its traditional optimized combustion engine business further, developing an emission-free product range, and expanding its service business.

(Reporting by Tom Kaeckenhoff, Writing by Andrey Sychev, Editing by Linda Pasquini)