Meritor to acquire Siemens’ commercial vehicle business unit
By Bradley Osborne - 16th June 2022
USA / Germany – Meritor Inc, a commercial vehicle components manufacturer based in Troy, Michigan, USA, has announced its intention to acquire the commercial vehicle business unit of Siemens AG, following an agreement with the global technology company headquartered in Munich, Bavaria, Germany.
Meritor will pay Siemens approximately USD190m in cash, adjusted for changes in working capital at the close of the sale, which is expected to occur by the end of the year. Siemens’ commercial vehicle business unit employs about 200 employees in Germany, China, and the United States. Its primary output is permanent-magnet synchronous motors and inverters for electric vehicles. The business unit is one of Siemens’ so-called “portfolio companies” – developing products with highly focused sector applications – and its Chief Financial Officer, Ralf P Thomas, called Meritor an “ideal new owner” for the unit.
More details of the acquisition are expected to follow in the coming months.