Siemens to sell commercial vehicles business to Meritor

Siemens has agreed to market its professional motor vehicles company to Meritor for close to €190 million ($200.5 million), marking one more action in Siemens’ implementation of its program to sharpen its portfolio as a targeted technological know-how organization.

Closing is predicted, subject to regulatory approvals, by the stop of this calendar 12 months.

“Commercial Vehicles is one more good results tale for our Portfolio Companies’ principle. We have turned Commercial Automobiles into a successful small business and now found the perfect new proprietor that is a excellent strategic in shape. It is a gain-gain for each Siemens and Industrial Autos. Our price generation by the portfolio providers proceeds in entire swing and today is an additional milestone to enhance our portfolio,” said Ralf P Thomas, CFO of Siemens AG.

“The acquisition of Commercial Vehicles enhances our Blue Horizon brand by increasing our electric car product or service functionality and strengthening the Meritor staff with vital technical capabilities,” reported Chris Villavarayan, CEO and president of Meritor. “We are impressed with the achievements of Business Vehicles’ management and workers and search ahead to them turning into an crucial part of our crew.”

For Meritor, the acquisition of Commercial Cars furthers its aim of embracing and contributing to a more sustainable long term by developing and producing items that speed up electrification for industrial automobiles. Business Automobiles is an suitable fit for Meritor in technological innovation and geographical capability.

Meritor ideas to integrate Business Vehicles’ motor, inverter and systems technologies to enrich its progress of next generation ePowertrains.

Siemens Commercial Cars is a top supplier of impressive programs, options and products for all varieties of medium and weighty-duty electric powered industrial motor vehicles. With all over 200 workers, the organization develops, patterns and produces substantial-general performance electrical generate units for professional automobiles this kind of as buses and vehicles, development cars and off-highway vehicles. 

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