Sevcon Inc., a global player in electrification technologies, has entered into an agreement to be acquired by USA based BorgWarner as it complements BorgWarner’s power electronics capabilities to provide electrified propulsion solutions.
According to James Verrier, President and CEO of BorgWarner:
“This acquisition supports our existing strategy to supply leading technology for all types of propulsion systems; combustion, hybrid and electric. We look forward to welcoming Sevcon’s talented employees to BorgWarner.”
Although the transaction is subject to certain terms and conditions such as the approval by Sevcon’s stockholders and receipt of required competition law approval, the transaction is estimated at $200 million and is expected to close in the fourth quarter of 2017.
Spread across in the U.S, U.K, France, Germany, Italy, China and the Asia Pacific, Sevcon is a global supplier of control and power solutions specially for zero- emission, electric and hybrid vehicles. Its’ Bassi Division produces batter chargers for electric vehicles, power management and uninterrupted power source systems for industrial, medical, telecom and electronic instrumentation for battery laboratories. Headquartered in the U.K. it produces products that control both on and off road vehicle speed and movement, integrate specialized functions, optimize energy consumption and helps reduce air pollution.
BorgWarner is headquartered in the U.S and supplies engineered systems and components primarily for automotive powertrain applications. Its products are sold worldwide to original equipment manufacturers for passenger cars, sport utility vehicles and light trucks. It operates manufacturing facilities in North America, Europe and Asia.