Danish company becomes majority shareholder of Loanhead-based company

Danish multi-national Danfoss has taken the majority shares of Loanhead-based engineering company Artemis '“ with plans to develop the firm's existing facilities and generate new jobs.

Pictured left to right: Niall Caldwell (Artemis Intelligent Power managing director), Eric Bretey (Danfoss Power Solutions director), Takayuki Matsumoto (Mitsubishi Heavy Industries), Jeff Herrin (Danfoss Power Solutions vice president of research and development) and Tadashi Asahina (Mitsubishi Heavy Industries vice president of renewable energy business).

Artemis specialises in hydraulic system development, and the acquisition includes its digital displacement technology, which will enable Danfoss to develop hydraulic pumps, motors and systems for use in off-road vehicles, trains and other market sectors worldwide. Danfoss also confirmed it will establish a manufacturing presence near to Artemis’s existing facility at Loanhead.

Danfoss president Eric Alström said: “The team at Artemis has the right entrepreneurial spirit and agile mindset, and I’m looking forward to welcoming them to Danfoss.”

Niall Caldwell, managing director at Artemis, said: “I’m thrilled that our technology and our team have been recognised as a key part of the solution by a leading global manufacturer. Like Mitsubishi, Danfoss sees developing energy-saving technologies as the foundation of its future business.”

The acquisition is subject to necessary approvals by relevant authorities. The acquisition is expected to be fully completed during the fourth quarter 2018. The parties have not disclosed the purchase price or other conditions of the acquisition.