Accelleron to acquire Officine Meccaniche Torino S.p.A. (OMT) to reinforce its leading market position in technologies to decarbonize the marine industry

Accelleron Press Release  

AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR 
 
BADEN, SWITZERLAND, MAY 31, 2023 

Accelleron to acquire Officine Meccaniche Torino S.p.A. (OMT) to reinforce its leading market position in technologies to decarbonize the marine industry

• OMT is one of the world's leading manufacturers of fuel injection systems for marine engines 
• Acquisition strengthens Accellerons position as a leading innovator in the use of alternative fuel technologies for large marine engines, contributing to the decarbonization of the shipping industry 
• Acquisition contributes to Accellerons attractive financial profile with sustainable revenue growth, resilient margins, strong cash flow and dividend 

Accelleron today announced its upcoming acquisition of OMT, a leading manufacturer of fuel injection systems for marine engines. The acquisition is expected to be completed within the next few weeks. 

Founded in 1930 and based in Turin, Italy, OMT serves engine builders with high precision fuel injection equipment with a focus on marine propulsion. It has about 250 employees, mainly based at its Italian headquarters. It achieved revenues of approximately EUR 52 million in 2022, of which the majority was generated through service-related demand and has a margin profile of above 20% EBIT. 

The acquisition in the high double-digit million EUR range is an important milestone, marking a positive step in Accellerons growth strategy as an independent, listed company. Acquiring the market leader in the two-stroke engine sector reinforces Accellerons position as a partner of choice and leading innovator in the development of alternative fuel technologies, such as hydrogen, methanol, and ammonia, for large marine engines and other heavy-duty applications. Moreover, fuel injection is, like the turbocharger, a mission critical and engine performance defining component with intensive service needs. 

Benefitting from complementary R&D competencies, an enhanced technology ecosystem as well as new fuel development initiatives, Accelleron will be able to better support clients to achieve their sustainability goals and decarbonize the shipping industry. The acquisition will further enrich Accellerons portfolio to better support customers with digital solutions. 

Daniel Bischofberger, CEO of Accelleron said: Decarbonization is the key market driver of our industry. As a leader in technology and commercial prototype projects with alternative fuels, this move to add fuel injection systems to our already comprehensive turbocharger portfolio is of strategic importance to Accelleron. It is designed to support our OEM customers to develop more fuel-efficient propulsion solutions and the operators to reduce their life cycle costs and carbon footprint. In addition, this acquisition strengthens Accellerons core business as well as its attractive financial profile with sustainable revenue growth, resilient margins, and strong cash flow. 

Giovanni Musso, CEO of OMT, added: We are delighted to be part of Accellerons new independent growth story, and the transaction gives our technology and dedicated workforce a global platform to further expand.  

Together, Accelleron and OMT will advance the energy transition in shipping. Accelleron will take over OMT in its entirety, retaining all employees as well as the brand name. Accelleron and OMT remain committed to deepening relationships and cooperation with OEMs, including across its service businesses. 

OMT adds inorganic revenue growth of at least 52 million Euro on an annualized basis on top of Accellerons guided organic revenue growth of 2 to 4% for 2023. The inorganic growth contribution for 2023 will depend on the closing date from which OMT will be consolidated within Accellerons financial statements. 

Post-closing and ex-dividend, Accelleron expects the net leverage for the financial year 2023 to be slightly above 1.0. Assuming a normal business environment, Accelleron intends to pay out a dividend in 2024 which is at least stable compared to the dividend payout in 2023. 

Accelleron Industries Ltd. (ACLN: SIX Swiss Ex) is a global leader in turbocharging technologies and optimization solutions for 0.5 to 80+ MW engines, helping to provide sustainable and reliable power to the marine, energy, rail, and off-highway sectors. With an installed base of approximately 180,000 turbochargers and a network of more than 100 service stations worldwide, its innovative technologies and digital solutions give its customers the power to move further. 

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Accelleron shares

The registered shares of Accelleron Industries AG are listed on SIX Swiss Exchange, Zurich under ticker symbol

"ACLN" (ISIN: CH1169360919 / Swiss security number: 116936091).

Disclaimer

This ad hoc announcement includes forward-looking information and statements, including statements concerning the outlook for Accellerons businesses. These statements are based on current expectations, estimates and projections about the factors that may affect the companys future performance, including global economic conditions, and the economic conditions of the regions and industries that are major markets for Accelleron. There are numerous risks, uncertainties, and other factors, many of which are beyond Accellerons control, that could cause the companys actual results to differ materially from the forward-looking information and statements made in this announcement and which could affect the companys ability to achieve its stated targets. Although Accelleron believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved.