Siemens to sell its Commercial Vehicles business to Meritor
The move is another step in Siemens plan to sharpen its portfolio as a focused technology company.
Commercial Vehicles is part of Siemens’ Portfolio Companies. The purchase price totals around EUR 190 million and closing is expected, subject to regulatory approvals, by the end of this calendar year.
“Commercial Vehicles is another success story for our Portfolio Companies’ concept. We have turned Commercial Vehicles into a profitable business and now found the ideal new owner that is a great strategic fit. It is a win-win for both Siemens and Commercial Vehicles. Our value creation through the portfolio companies continues in full swing and today is another milestone to optimize our portfolio,” says Ralf P. Thomas, CFO of Siemens AG.
Meritor plans to integrate Commercial Vehicles’ motor, inverter and systems technology to enhance its development of next generation ePowertrains. In fiscal year 2021, Meritor had approximately 9,600 employees and generated revenue of around USD 3.8 billion. Headquartered in Troy, Michigan, US.
“The acquisition of Commercial Vehicles enhances our Blue Horizon brand by expanding our electric vehicle product capability and strengthening the Meritor team with important technical capabilities,” says Chris Villavarayan, CEO and president of Meritor. “We are impressed with the accomplishments of Commercial Vehicles’ leadership and employees and look forward to them becoming an important part of our team.”.
Siemens Commercial Vehicles is a supplier of systems, solutions and products for all types of medium and heavy-duty electric commercial vehicles. With around 200 employees, the business develops, designs and produces high-performance electric drive systems for commercial vehicles such as buses and trucks, construction vehicles and off-road vehicles.