Meritor, Inc. announced that it has reached an agreement with Siemens to acquire its Commercial Vehicles business for approximately €190 million in cash, adjusted for changes in working capital at closing. The transaction is expected to close by the end of the calendar year, subject to regulatory approvals and customary closing conditions.
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“The Siemens Commercial Vehicles business offers capabilities and technology that will enhance our ability to deliver superior electric solutions to the global commercial vehicle market,” said Chris Villavarayan, CEO and President of Meritor. “As the urgency for zero-carbon solutions grows, this highly talented and skilled team, and its industry-leading electrical product portfolio, strengthens Meritor’s business as we move toward Cummins’ planned acquisition.”
“Commercial Vehicles is another success story for creating value through our holding company concept. We have made it a profitable business and have now found the ideal new strategic owner,” said Ralf P. Thomas, CFO of Siemens AG.
With around 200 employees in Germany, China and the USA, the Siemens Commercial Vehicles business develops, designs and produces high-performance electric drive systems. The product offerings include transmission-based direct-drive and remote-mount electric motors, inverters, software and related services that Meritor says will be essential components of the next generation of electric powertrains, enabling it to offer global customers a wider range of electrified product solutions in the commercial vehicle, transit, off-road and specialty markets.