Meritor acquires Siemens’ Commercial Vehicles business
Meritor has announced an agreement to acquire Siemens’ Commercial Vehicles business for about US$203.5 million in cash.
The deal is expected to wrap up by year end, and has the approval of Cummins, which recently acquired Meritor.
“The Siemens Commercial Vehicles business offers capabilities and technology that will enhance our ability to offer superior electric solutions to the global commercial vehicle market,” said Chris Villavarayan, Meritor’s CEO and president. “As the urgency grows for zero carbon solutions, this highly talented and skilled team, and leading electric product portfolio, strengthens Meritor’s business as we move toward the anticipated acquisition by Cummins.”
“Commercial Vehicles is another success story for value creation through our portfolio companies concept. We have turned it into a profitable business and now found the ideal new strategic owner,” added Ralf P. Thomas, CFO of Siemens AG.
Siemens’ Commercial Vehicle business has about 200 employees in Germany, China and the U.S., and produces electric drive systems that Meritor says are complementary to its own business.
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