Growth course

After crises, Steyr’s engine is running smoothly again

Steyr Motors recently concluded a two-year contract with Palfinger for the supply of special engines for lifeboats.

(Bild: Palfinger)

"We are looking forward to the opportunities and growth that await us in this promising market," said Julian Cassutti, Managing Director of Steyr Motors, at the recent opening of an office in Jakarta. While many companies are currently struggling with declining demand and have cut back, the signs are pointing to growth for the specialty engine manufacturer.

If you are looking for a definition for Stehaufmännchen, you could simply say Steyr Motors. Insolvency proceedings were opened for the specialty engine manufacturer in 2018 and concluded in 2022. In the same year, the German investment company Mutares took over the company, which had previously belonged to Thales Austria.

In spring 2023, there was more bad news: to ensure the company's viability, it was announced that up to 50 jobs would be cut. The measure proved effective: motor sales picked up, profits developed positively and turnover increased significantly.

With our high-performance engines for the most demanding applications, we are growing not only in the defense sector but also in civilian applications.

Julian Cassutti, Geschäftsführer von Steyr Motors

And the growth trajectory will continue: In December 2024, Steyr Motors was delighted to receive its first orders in Taiwan, having previously opened a regional office in Beijing. This was followed shortly afterwards by a new customer in the form of Amphibious Marine, where a US hovercraft called Explorer 24 is being supplied with high-performance engines.

Not quite so far away is another customer that the company, which is based in the Steyr Stadtgut, was recently able to secure. A two-year contract was signed with Palfinger AG to supply the Salzburg-based specialist for crane and lifting solutions with engines for lifeboats.

Aiming for sales growth of more than 40 percent
According to Steyr Motors, its engines are primarily used in defensive and special vehicles, boats and as auxiliary power units for battle tanks and locomotives. In 2024, turnover is expected to be between 41 and 45 million euros; in 2025, this is set to increase by more than 40 percent. The target for this year: more than 1,250 engines produced.