BorgWarner Enters Into Agreement to Acquire Sevcon
“This acquisition supports our existing strategy to supply leading technology for all types of propulsion systems; combustion, hybrid and electric,” said James Verrier, president and CEO of BorgWarner Inc. “We look forward to welcoming Sevcon’s talented employees to BorgWarner.”
The completion of the transaction is subject to certain terms and conditions, including the approval of Sevcon’s stockholders and receipt of required competition law approval. The expected enterprise value of the transaction at closing is approximately US$200 million ($250 million). The transaction is expected to close in the 4th quarter of 2017 subject to the satisfaction of closing conditions.
Sevcon is a global supplier of control and power solutions for zero-emission, electric and hybrid vehicles. Its products control on- and off-road vehicle speed and movement, integrate specialized functions, optimize energy consumption and help reduce air pollution. Sevcon’s Bassi Division produces battery chargers for electric vehicles; power management and uninterrupted power source systems for industrial, medical and telecom applications; and electronic instrumentation for battery laboratories. The company supplies customers from its operations in the U.S., UK, France, Germany, Italy, China and the Asia Pacific region, as well as through an international dealer network.
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