Meritor to Purchase Siemens Electric Business

Meritor will acquire the Siemens Commercial Vehicles business for approximately $2 million in cash.

“The Siemens Commercial Vehicles business offers capabilities and technology that will enhance our ability to offer superior electric solutions to the global commercial vehicle market,” said Chris Villavarayan, Meritor president/CEO, in a prepared statement. “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.”

With approximately 200 employees across Germany, China, and the United States, the Siemens Commercial Vehicles business develops, designs, and produces high-performance electric drive systems. Product offerings include direct drive and transmission-based remote mount electric motors, inverters, software and related services which Meritor expects to be critical elements in the next generation of electric powertrains. These capabilities will enable Meritor to offer global customers a wider array of electrified product solutions across the commercial vehicle, transit, off-highway and specialty markets.

In accordance with the terms of the previously announced merger agreement with Cummins, Cummins consented to and is supportive of Meritor entering into the agreement and completing its acquisition of the Siemens Commercial Vehicles business.

Source: Meritor