Meritor Inc. has an agreement to acquire the Siemens AG Commercial Vehicles business for approximately €190 million in cash, or about $200 million. Siemens Commercial Vehicles has approximately 200 employees in Germany, China, and the United States. Its products include direct-drive and transmission-based remote-mount electric motors, inverters, software, and related services.
Meritor manufactures commercial vehicle and industrial drivetrain, mobility, braking, aftermarket and electric powertrain systems . In February, Meritor Inc. accepted a cash deal valued at approximately $3.7 billion to be acquired by Cummins – the manufacturer of diesel, natural gas, hybrid, and electric powertrains. Cummins’ strategy is to bring drivetrain, mobility, braking, and electric powertrain technologies for commercial and industrial vehicles into its portfolio.
The Siemens Commercial Vehicles purchase will enhance Meritor’s electric propulsion technologies portfolio, according to the buyer’s CEO and president. "As the urgency grows for zero-carbon solutions, this highly talented and skilled team, and leading electric product portfolio, strengthens Meritor's business as we move toward the anticipated acquisition by Cummins," stated Chris Villavarayan.
Cummins consented to Meritor completing the Siemens Commercial Vehicles acquisition.