Cummins’ Meritor closes on acquisition of Siemens’ Commercial Vehicle business


Meritor has completed its acquisition of Siemens’ Commercial Vehicles business, according to a Nov. 30 press release from Meritor’s parent company, Cummins. In May 2022, Meritor entered into an agreement to acquire the business for approximately $200 million. Cummins subsequently completed its acquisition of Meritor in August 2022.

The acquisition is intended to add several technologies to Meritor’s portfolio to aid them in developing electric powertrains, such as direct drive and transmission-based remote mount electric motors, inverters, and software. The acquisition also gives Meritor 200 more employees, primarily in Germany, China, and the US

“We are excited to welcome Siemens’ Commercial Vehicles electric drive systems business into Cummins,” said Jennifer Rumsey, Cummins’ president and CEO. “By combining our collective, deep knowledge of our industry and how our customers use our applications, we will innovate and advance key technologies. This acquisition also reflects another key milestone in the execution of our strategy to reach net-zero emissions by 2050 in a way that is best for our customers and the planet.”

“We are thrilled to join Cummins, which has a long history serving the commercial vehicle market,” said Mart Verschoor, former CEO of Siemens Commercial Vehicles, who will assume the role of VP of traction systems within Cummins. “I know we will deliver technologies required to accelerate adoption of zero-emission powertrains that delight our customers and move our communities forward.”



Source link

Leave a Comment