BorgWarner acquires UK-based Sevcon to enhance its electric drives portfolio
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BorgWarner announced a definitive agreement to acquire UK-based Sevcon, Inc., a global player in electrification technologies, as part of a strategy to enhance its power electronics capabilities to provide a wider portfolio of electrified propulsion solutions.
The expected enterprise value of the transaction at closing is approximately US$ 200 million. The transaction is expected to close in the fourth quarter of 2017 subject to certain terms and conditions, including the approval of Sevcon’s stockholders and receipt of required competition law approval. The Sevcon Board of Directors has unanimously approved the merger agreement and has recommended approval of the merger by Sevcon’s stockholders.
“This acquisition supports our existing strategy to supply leading technology for all types of propulsion systems; combustion, hybrid and electric,” said James Verrier, President and CEO of BorgWarner in a statement. “We look forward to welcoming Sevcon’s talented employees to BorgWarner.”
Sevcon is a global supplier of control and power solutions for zero-emission, electric and hybrid vehicles. Its products control on- and off-road vehicle speed and movement, integrate specialized functions, optimize energy consumption and help reduce air pollution.
Its Bassi Division produces battery chargers for electric vehicles; power management and uninterrupted power source systems for industrial, medical and telecom applications; and electronic instrumentation for battery laboratories. The company supplies customers from its operations in the U.S., U.K., France, Germany, Italy, China and the Asia Pacific region.
BorgWarner is a manufacturer of powertrain products for major automakers. Its products include four-wheel-drive and all-wheel-drive transfer cases (primarily for light trucks and sport utility vehicles), as well as automatic transmission and timing chain systems. These products are produced and sold worldwide, primarily to original equipment manufacturers.
The corporation owns five production facilities in Mexico located in the cities of San Luis Potosi, Juarez, El Salto, Ramos Arizpe and Irapuato.