Cummins closes $197M acquisition of Siemens Commercial Vehicles unit

Cummins Inc. has closed the $197 million acquisition of Siemens Commercial Vehicles. Meritor Inc. arranged to buy the unit before the power and technology provider’s $3.7 billion takeover of Meritor concluded.

Meritor offered to acquire the Siemens unit in May while Cummins’ $3.7 billion offer for the axle and powertrain manufacturer was pending. The Cummins-Meritor merger closed in August. Cummins supported Meritor’s pursuit of the Siemens’ unit.

The acquisition bolsters Cummins’ New Power division by adding direct drive and transmission-based remote mount electric motors, inverters, software and other critical elements in electric powertrains.

About 200 Siemens employees in Germany, China and the U.S. become Cummins employees through the acquisition.

“By combining our collective, deep knowledge of our industry and how our customers use our applications, we will innovate and advance key technologies,” Cummins President and CEO Jennifer Rumsey said in a news release.

Matt Verschoor, former CEO of Siemens Commercial Vehicles, becomes vice president of Traction Systems within Cummins’ New Power segment.

Meritor buying Siemens electric propulsion business

103-year-old startup? Cummins’ New Power sector signals evolving identity

9 questions with Cummins New Power President Amy Davis

Click for more FreightWaves articles by Alan Adler.

The post Cummins closes $197M acquisition of Siemens Commercial Vehicles unit appeared first on FreightWaves.

Source: freightwaves - Cummins closes $197M acquisition of Siemens Commercial Vehicles unit
Editor: Alan Adler