Swedish marine and industrial engine manufacturer Volvo Penta plans to acquire majority ownership of Germantown-based outboard motor manufacturer Seven Marine LLC. The deal is expected to close “in the nearest future” for an undisclosed price, if all conditions are met.

Part of automotive manufacturer Volvo Group, Volvo Penta would add outboard motors to its product mix with the majority ownership stake in Seven Marine. Volvo Penta has about 3,500 dealers in more than 130 countries and is a leading global engine and power system manufacturer for boats, vessels and industrial use. It makes diesel and gasoline engines with 10 to 900 horsepower, and has developed a variety of innovative marine products in its 110 years in the market. Read the full story here.