About 99.7 per cent of votes cast at an extraordinary general meeting on 24 August supported a capital increase through a non-cash contribution. DEUTZ will use the measure to partially finance the transaction agreed with FFG’s owners in early July.
Germany’s Federal Cartel Office has cleared the deal, although other approvals remain outstanding. DEUTZ expects the acquisition to close in late 2026 or early 2027.
FFG recorded revenue of around €760 million in 2025 and has grown by approximately 50 per cent in each year since 2023. Its order backlog now exceeds €1.9 billion, providing DEUTZ with substantial contracted business as it expands into defence.
The military vehicle manufacturer is expected to generate well over €1 billion in revenue in 2027, with a margin above 20 per cent. DEUTZ said the addition should help it reach its 2030 targets of €4 billion in revenue and a 10 per cent margin significantly ahead of schedule.
FFG employs more than 1,100 people across nine sites and serves armed forces in more than 15 countries. The Flensburg-based company produces, maintains and modernises wheeled and tracked vehicles, including armoured recovery vehicles, infantry fighting vehicles and personnel carriers.
The company is also a maintenance partner to the German armed forces and manufactures equipment for multinational NATO armament programmes. Its proprietary platforms, military support operations and international customer base will form the centre of DEUTZ’s defence activities.
Chief Executive Dr Sebastian Schulte said defence would become one of the group’s main businesses alongside energy, transport and services. “The addition of FFG turns DEUTZ into a major player in the defense sector.”
DEUTZ expects the combination to open additional markets and create benefits across its other business units. The transaction marks the company’s largest acquisition and accelerates its transformation beyond its traditional engine business.
Once the purchase is completed, the capital increase will bring FFG’s current owners into DEUTZ as anchor shareholders. The families will receive a stake of up to 29.9 per cent in the listed German company.
Supervisory Board Chairman Dr Dietmar Voggenreiter described the shareholder decision as support for the company’s long-term growth strategy. “Their vote paves the way for the largest acquisition in our Company’s history to date and lays the foundation for further profitable growth.”
