WEG

WEG agreed to acquire Volt Electric Motors, a Turkish maker of industrial and commercial electric motors and a subsidiary of Saya Group, for an enterprise value of US$88 million.

WEG announced it will invest R$660 million over three years to build a new factory for industrial and electric mobility motors and expand existing plants in Jaraguá do Sul, Santa Catarina, completing the new plant by Q1 2024.

WEG plans a new electric motor factory in Santo Tirso, Portugal, investing EUR 23.5 million to build 22,600 sq m. The plant is due to start operations in Q1 2024 and create about 100 jobs, and it will absorb production from WEG's Maia site.

WEG is supplying gas turbine generators, compressor motors and soft-starters for a modular floating LNG liquefaction facility with 2.8 mtpa capacity, with the first unit slated to start in early 2023.

WEG's new production facility in Santo Tirso, Portugal is operating after an investment of more than €30 million. The plant is its second in Portugal.

WEG won a contract from Outotec to supply 21 medium-voltage motors, 24 transformers and starters for the sulphuric acid plant under construction at Ras Az Zawr, Saudi Arabia.