STOCKHOLM, Nov 9, 2018 /PRNewswire/ --
Cimco Marine AB (publ) has today entered into a supply and
development agreement with Bayerische Motoren Werke
Aktiengesellschaft, BMW, regarding BMW's supply of the BMW
TwinPower Turbo Inline-6-Cylinder Diesel Engine and selected parts
and components. The engine is a 3 litre twin turbo diesel
motor.
According to the supply and development agreement, Cimco Marine
is entitled to use the BMW engine in both outboard and inboard
applications.
Cimco Marine intends to make an initial order of about 900 BMW
engines for 2020 followed by volume purchase of 2,000 engines in
2021 and 3080 engines in 2022. The planned start for production of
the OXE Diesel outboards based on the BMW engine is in April 2020.
The agreement is in force until 31
December 2025. BMW is entitled to terminate the agreement
upon 18 months' notice if an automobile manufacturer acquires 20
percent or more of the voting rights or share capital of Cimco
Marine. It is Cimco Marine's view that the notice period
corresponds to the time it would take for the company to marinize a
new engine.
BMW TwinPower Turbo Inline-6-Cylinder Diesel Engine will be used
for Cimco Marine to sell in four variants: The OXE 225hp, OXE
250hp, OXE 275hp and its new flagship variant, the OXE 300hp.
– I am delighted to announce this cooperation with one of the
leading automobile engine manufacturers in the world. With BMW as a
partner, we secure Cimco's future needs for a clean, efficient and
reliable high-performance engine for our extended portfolio of OXE
Diesel outboards, says Andreas
Blomdahl, CEO of Cimco Marine.
Certified Adviser
Västra Hamnen Corporate Finance AB is Certified Adviser for
Cimco Marine.
For further information, please contact:
Anders Berg, Chairman,
anders.berg@oxe-diesel.com, +46-70-358-91-55
Andreas Blomdahl, CEO,
andreas.blomdahl@oxe-diesel.com, +46-431-44-98-99
Myron Mahendra, CFO and EvP in
charge of Administration and HR, myron.mahendra@oxe-diesel.com,
+46-76-347-59-82
Lars Sjögrell, Head of Public Relations,
lars.sjogrell@perspective.se, +46-702-69-53-00
Cimco Marine AB (publ) is obligated to make this information
public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of
the contact persons set out above, on 9
November 2018 at 4.45
pm.
Cimco Marine AB (publ) has, after several years of
development, constructed the OXE Diesel, the world's first diesel
outboard engine in the high power segment. Cimco Marine's unique
patented engine-to-propulsion power transmission solutions have led
to high demand for the company's engines worldwide.
This information was brought to you by Cision
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The following files are available for download:
http://mb.cision.com/Main/16067/2668739/942288.pdf
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BMW TwinPower Turbo
Inline-6-cylinder Diesel Engine
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SOURCE Cimco Marine