BorgWarner takes over hybrid technology expert Sevcon

July 18, 2017 //By Christoph Hammerschmidt
BorgWarner takes over hybrid technology expert Sevcon
In a move to adjust itself for the increasing industrial significance of electric powertrains, automotive supplier BorgWarner will acquire Sevcon Inc, a supplier of control and power solutions for zero-emission, electric and hybrid vehicles. The latter has already entered into a definitive merger agreement with BorgWarner.

Sevcon’s 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 manufactures 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., U.K., France, Germany, Italy, China and the Asia Pacific region, as well as through an international dealer network.

 

The Sevcon Board of Directors has unanimously approved the merger agreement and has recommended approval of the merger by Sevcon’s stockholders. The transaction is expected to close in the fourth calendar quarter of 2017 and is contingent on the approval of Sevcon’s stockholders, and is subject to the satisfaction or waiver of certain other closing conditions. The transaction is not subject to a financing condition.

The transaction price of $22.00 per share represents a 61% premium to the closing sale price of common stock of the Company on Friday, July 14, 2017 and a 64% premium to the 30-day volume weighted average price of common stock of the Company.

More information: www.sevcon.com, borgwarner.com

Related news:

Sevcon joins forces with Flextronics Automotive

 


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