German company to buy Brazil's Weg

Brazilian energy equipment manufacturer Weg announced the acquisition of Germany's Antriebstechnik Katt Hessen, as it looks to expand its European market share, according to Business News Americas.

The deal is Weg's second purchase in Germany this year, after the company also acquired Württembergische Elektromotoren.

"The acquisition of Katt allows Weg to expand its research and development of special high-speed electrical machines, as well as strengthen our market leadership in areas such as energy efficiency," Weg said in a statement on Monday.

"Combined with our existing operations in Germany, in Cologne and Balingen, this will make us even more competitive in the European market, due to reduced product delivery times," he added.

Financial details were not disclosed and the deal remains subject to regulatory approval.

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