BorgWarner completes the acquisition of AKASOL
BorgWarner has completed its acquisition of AKASOL AG – an acquisition which is expected to significantly strengthen the company’s commercial vehicle and industrial electrification capabilities.
“We are pleased to complete our acquisition of AKASOL and welcome AKASOL’s talented employees in Germany and the United States to BorgWarner,” says Frédéric Lissalde, President and CEO, BorgWarner in a press release. “AKASOL is an excellent strategic fit as BorgWarner seeks to continue to expand its electrification portfolio and capitalize on the profound industry shift towards electrification.”
The completion of the merger squeeze-out was the final step to achieve full control and ownership of AKASOL. Sven Schulz, the former CEO of AKASOL, will continue in a consulting role with BorgWarner through the second quarter of the year.
In the press release, BorgWarner continues to state that AKASOL represents about 20 to 25% of the inorganic sales underlying Project Charging Forward, contributing about USD 600 million in expected electric vehicle revenue by 2025.