Sold by Cat, Berg Propulsion Returns to its Original Name
The former COO of Berg Propulsion - currently known as Caterpillar Propulsion AB - has reached an agreement with Caterpillar to buy back his old company.
Caterpillar purchased Berg in 2013 in order to provide complete propulsion solutions, renaming the Swedish firm Caterpillar Propulsion. A holding company belonging to former Berg COO and shareholder Stefan Sedersten has now reached an agreement to buy the firm, and Berg will return to its former name. The current management team will transfer with the sale.
“My message to customers, suppliers and other external partners is clear – we will honor all existing contracts and agreements and make sure to safeguard a seamless transition,” Sedersten said. “This propulsion business is a household name in the industry, well-known for its dedication to customer satisfaction, reliable products and services, and we have every intention to make sure it continues that way.”
Sedersten has a decade of experience at Berg, and he is also the chairman of Lean Marine Sweden AB and I-Tech AB, two firms focused on marine equipment and vessel optimization.
Berg has been building propulsion systems and controls for ships since 1929, and its lineup includes electronic propulsion controls, azimuthing thrusters, bow thrusters and controllable-pitch propellers. The sale covers its manufacturing operations in Sweden and Singapore and its branch offices in Shanghai and Dubai.
The sale is expected to close on June 30. Upon closing, the company's products and services will be branded Berg Propulsion.