PLYMOUTH — Zhongshan Broad-Ocean Motor Co, a China-based supplier of motors and alternators to the transportation industry, has acquired Plymouth-based Prestolite Electric LLC. Terms of the deal were not disclosed.
“The Prestolite Electric acquisition will add value long-term for our shareholders and will allow us to further grow our business globally,” says Charles Lu, chairman of Broad-Ocean Motor. “This acquisition will enable us to pursue our strategic plans to benefit our customers, suppliers, and employees.”
Prestolite Electric, a global supplier of alternators, starters, and new energy solutions for commercial trucks, buses, off-road equipment as well as military and electric vehicles, will now have a full range of products, including high-output alternators and starter motors, upon competition of the acquisition.
The Prestolite management team, including president Tony Wong, will remain. Prestolite has 500 employees across the United States. Broad-Ocean Motor has about 5,000 employees.
In January 2014, Broad-Ocean Motor acquired Prestolite Electric’s China alternator, starter motor, and electric vehicle component manufacturing operations. Broad-Ocean Motor now has operations in Africa and Europe, as well as in North, Central, and South America.