History of the Plant

Steyr Motors Up for Sale: “Very Turbulent Years”

Steyr Motors manufactures specialty engines, primarily for military vehicles and boats.(Bild: FOTOKERSCHI / WERNER KERSCHBAUMM)

Engine manufacturer Steyr Motors is set to be sold to the U.S.—it would mark the next chapter in a “turbulent” history. CEO Julian Cassutti tells the “Krone” what the future holds.

Americans could soon be moving into Steyr: U.S. drone developer Red Cat plans to acquire engine manufacturer Steyr Motors. The deal is reportedly worth around 205 million euros. Subject to all necessary approvals, the deal could be finalized in the spring of 2027— as reported by the “Krone.”

Ownership shifted from China to Europe
Steyr Motors manufactures specialty engines, primarily for military vehicles. The planned takeover marks another chapter in a turbulent history. In the 1990s, the engine division was first spun off from the former Steyr-Daimler-Puch industrial group and sold to Frank Stronach’s Magna. Several changes in ownership followed: In 2012, the Steyr-based company was acquired by the Chinese investment group Phoenix Tree; in 2018, following bankruptcy, it was acquired by the French defense contractor Thales; and in 2022, it was acquired by the German investment firm Mutares. Finally, in 2024, the company went public.

“Turbulent Years”
“The last few years have been very, very turbulent,” admits Julian Cassutti, CEO of Steyr Motors. And the upcoming sale to the U.S. company Red Cat wasn’t necessarily planned: “When you’re publicly traded, any investor can make a takeover bid. That’s exactly what happened in this case.” Cassutti welcomes the sale, however, because the market for unmanned watercraft—in which Red Cat operates—is set to “grow massively.” In the medium term, this could increase engine production in Steyr by 3,000 units per year. By way of comparison: Last year, Steyr Motors produced 1,200 engines.

Julian Cassutti is the CEO of Steyr Motors.(Bild: Fotostudio Eder)

“The Steyr name is well-known”
Steyr Motors generates 60 percent of its revenue—most recently 48.5 million euros—from military contracts. Over the next two years, this share is expected to rise to 80 percent. Cassutti responds to criticism of the controversial defense business as follows: “We can only supply countries that are not on the sanctions lists. Of course, we adhere to that.”

The company employs 150 people in Steyr. The jobs are guaranteed for two years following a potential takeover—the U.S. firm Red Cat has committed to this. Cassutti intends to maintain the location: “The conditions are very good, and the Steyr name is well-known among skilled workers even beyond Europe.”