Auburn Hills-based automotive supplier BorgWarner today announced an agreement to acquire English electrical engineering company Sevcon Inc. to expand its array of electrified propulsion solutions. The transaction is valued at approximately $200 million and is expected to close in the fourth quarter of 2017.
James Verrier, president and CEO of BorgWarner, expects Sevcon’s specialization in zero-emission, electric and hybrid vehicles will help the auto supplier enrich and expand their product lines.
“This acquisition supports our existing strategy to supply leading technology for all types of propulsion systems; combustion, hybrid and electric,” says Verrier. “We look forward to welcoming Sevcon’s talented employees at BorgWarner.”
A receipt of required competition law approval and approval of Sevcon’s shareholders are still required to complete the deal.
Borg Warner is a global supplier of control and power solutions for zero-emission, electric, and hybrid vehicles. The company currently operates manufacturing and technical facilities in 62 locations and 17 countries.
Sevcon’s products control on and off-road vehicle speed and movement, integrate specialized functions, optimize energy consumption, and help reduce air pollution. The company supplies customers from its operations in the U.S., U.K., France, Germany, Italy, China, and the Asia Pacific region, as well as through an international dealer network.