Matt Boyle, president and CEO of Sevcon, discusses the need to promote engineering and manufacturing jobs to young people. BorgWarer on Monday announced plans to buy Sevcon.
Auburn Hills, Michigan – Powertrain equipment supplier BorgWarner has agreed to buy British electrification company Sevcon Inc. to boost BorgWartner’s portfolio of power electronics for electrified propulsion.
"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.
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 $200 million. The transaction is expected to close in the fourth 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.