Published by Todd Bush on December 1, 2022
COLUMBUS, Ind. & NUREMBERG, Germany--(BUSINESS WIRE)--Global power and technology leader, Cummins Inc. (NYSE: CMI) today announced that it, through its subsidiary Meritor, has completed its acquisition of Siemens’ Commercial Vehicles business, a leading global supplier of high-performance electric drive systems for commercial vehicles. In May 2022, Meritor, Inc. announced it had entered into an agreement to acquire the business for approximately €190 million enterprise value; Cummins subsequently completed its acquisition of Meritor in August 2022.
This acquisition adds key capabilities in direct drive and transmission-based remote mount electric motors, inverters, software and related services which are critical elements in the next generation of electric powertrains. These capabilities, and their addition of nearly 200 employees primarily in Germany, China and the United States, will accelerate Cummins ability to offer global customers a wider array of electrified product solutions across commercial vehicle applications.
“We are excited to welcome Siemens’ Commercial Vehicles electric drive systems business into Cummins,” said Jennifer Rumsey, Cummins’ President and Chief Executive Officer. “By combining our collective, deep knowledge of our industry and how our customers use our applications, we will innovate and advance key technologies. This acquisition also reflects another key milestone in the execution of our strategy to reach net-zero emissions by 2050 in a way that is best for our customers and the planet.”
“We are thrilled to join Cummins which has a long history serving the commercial vehicle market,” said Mart Verschoor, former CEO of Siemens Commercial Vehicles who will assume the role as Vice President – Traction Systems within Cummins’ New Power segment. “I know we will deliver technologies required to accelerate adoption of zero-emission powertrains that delight our customers and move our communities forward.”
The acquired business will report through Cummins New Power business unit.
>> In Company Spotlight: Cummins Inc
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 🌲 Living Carbon Announces Agreement with Microsoft for 1.4 Million Tonnes of Carbon Removal from Reforestation of Former Mine Lands in Appalachia 🏭 US Energy Expands Carbon Captu...
Inside This Issue 🧬 Occidental's Bold Bet on Carbon Removal: What the Holocene Acquisition Really Means 🌊 Project to Suck Carbon Out of Sea Begins in UK 🧱 NovoMOF Raises $5.4 Million to Scale Up L...
Inside This Issue 🧪 CF Industries Announces Joint Venture with JERA Co., Inc., and Mitsui & Co., Inc., for Production and Offtake of Low-Carbon Ammonia 🪨 Microsoft Signs Large Carbon Removal D...
Anaergia and Capwatt Sign Binding Letter of Intent for Nine New Biogas Plants in Europe
Follow-up agreement builds on past cooperation between the companies TREVIGLIO, Italy & BURLINGTON, Ontario--(BUSINESS WIRE)--Anaergia Inc. (“Anaergia”, the “Company”, “us”, or “our”) (TSX:ANR...
Cummins Launches Next-Gen Battery Energy Storage Systems (BESS) in the UAE Middle East - English USA
Cummins Arabia and Cummins Middle East jointly launched Cummins' new Battery Energy Storage Systems (BESS) at an exclusive event held in Dubai on Monday, April 14. The launch was attended by key cu...
Living Carbon, a public benefit company transforming degraded and underutilized land into high quality environmental assets, announced today that Microsoft has agreed to purchase 1.4 million tonnes...
NovoMOF Raises $5.4 Million to Scale Up Low-Cost Carbon Capture Materials
novoMOF said it has raised CHF 4.4 million (USD $5.4 million) to further advance its sustainable materials for low-cost carbon capture in high-emissions industrial sectors. Founded in 2017 as a sp...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.