Even like him A $ 3.7 billion merger with revenue Cummins Inc., Meritor Inc. said on Friday it had agreed to buy the Siemens Commercial Vehicles electric motor business. The move will expand its electrification portfolio.
The struggle between players in the electrification of commercial vehicles is growing. First-tier suppliers such as BorgWarner Inc., Dana Inc., Eaton Corp. and Cummins, are fighting for market share in fully integrated systems to meet the expected growth of electric trucks.
“Business Siemens Commercial Vehicles offers capabilities and technologies that will improve our ability to offer the best electrical solutions in the global commercial vehicle market,” said Chris Vilovarayan, CEO and President of Meritor. press release.
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Assuming the acquisition of Cummins Meritor is completed as expected, the $ 201 million cash deal for the Siemens division actually becomes a Cummins purchase. The Meritor deal for Siemens is expected to be completed by the end of the year. Cummins supports Meritor in concluding the agreement and completing the acquisition.
Siemens Commercial Vehicles develops, designs and manufactures high-performance electric drive systems. Products include electric motors, inverters, software and related services with direct drive and transmission. The division has about 200 employees in the United States, China and Europe.
Cummins likes to add Siemens business because it will bring electronic axis component technology. Cummins believes Meritor is popular 14Xe transmission as a key to integrating other electrification components.
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