BorgWarner acquires Drivetek AG
BorgWarner Inc. has acquired Drivetek AG. Headquartered in Switzerland, Drivetek offers engineering and product development services for inverters, electric drive solutions, and power electronics.
Their competencies include design and development of power electronics and electrical machines, system engineering, and control software. Drivetek supports customers in the automotive and transportation industry as well as in the aviation, industrial and energy sectors, a press release states.
The transaction has an enterprise value of up to CHF 35 million, of which CHF 25 million was delivered at closing. An additional CHF 10 million could be paid in the form of contingent payments over the next 3 years.
“Drivetek is an important partner with BorgWarner on our booked eFan business, with our first customer award being announced in February of this year. Bringing Drivetek’s talented team in house is an investment that grows our power electronics capabilities in auxiliary inverters, which we expect to accelerate the growth of our High Voltage eFan business. We welcome the team to BorgWarner,” said Frédéric Lissalde, President and CEO of BorgWarner.