A pedal car part manufacturer is buying Australian automotive parts company Pedal.
The deal was announced in the Australian Financial Journal on Wednesday.
Pedal, which has its headquarters in Sydney, will be renamed Pedal Tech, according to the company.
The news was met with an outpouring of support from the automotive community in Australia, with several of the nation’s biggest carmakers expressing their support.
Pedal CEO John Maitland said in a statement the deal was a “good fit” for the company and the industry.
“This is a great opportunity for us and for Pedal to expand our range of automotive parts, as we have seen the demand for pedal products grow significantly in recent years,” he said.
“Pedal Tech will be able to expand the scope of its business in a number of areas, including the manufacturing of a wide range of parts for the Pedal Drive electric vehicle, including wheels and tyres.”
The deal has not been announced publicly, but it is likely to include Pedal’s other products, including a pedal control system for the future electric car.
“The company is very excited about the potential for the products Pedal Technology can bring to our customers, including in the automotive and powertrain industry,” Mr Maitleston said.