Meritor acquires Siemens Commercial Vehicles Business – Equipment

Meritor will acquire the Siemens Commercial Vehicles business, which develops electric propulsion systems.

Photo: Meritor

To offer a broader range of electrified product solutions for commercial vehicles, Meritor has reached an agreement with Siemens to acquire its commercial vehicle business for approximately $203 million in cash.

With around 200 employees in Germany, China and the USA, the Siemens Commercial Vehicles business develops, designs and produces high-performance electric drive systems. 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.

These capabilities will allow Meritor to offer its global customers a broader range of electrified product solutions in the utility, transit, off-road and specialty vehicle markets.

“As the need for zero-carbon solutions grows ever more urgent, this highly talented and skilled team, and its industry-leading portfolio of electrical products, strengthens Meritor’s business as we move towards the planned acquisition. by Cummins,” Chris Villavarayan, CEO and President of Meritor, said in a press release. .

Cummins announced in February that it was buying Meritor to accelerate electrification development. Cummins has consented and is supporting Meritor to complete the deal and complete its acquisition of the Siemens Commercial Vehicles business, officials said.

The transaction is expected to close by the end of the year, subject to regulatory approvals and customary closing conditions.

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