Aspin Kemp and Associates, the marine engineering firm based in PEI, has struck a partnership with a German company, MAN Diesel & Turbo.
Under the agreement, the German company will acquire a 40 per cent stake in Aspin Kemp.
Aspin Kemp is based in Montague and employs about 125 people. CEO Jason Aspin says Aspin kemp and Associates will benefit from the global prestige of the MAN brand, the global sales network, and customer base, as well as their strong engineering foundation.
Meanwhile, the German company’s CEO says Aspin Kemp is a technological pioneer in important areas like the integration of battery storage technology for hybrid drive systems for the maritime sector.
The deal is still subject to regulatory approval.