Siemens Sells Commercial-Vehicles Business to Meritor in $200 Million Deal
May 20 2022 - 7:57AM
Dow Jones News
By Ed Frankl
Siemens AG said Friday that it has agreed to sell its commercial
vehicles business to Meritor Inc. for an enterprise value of 190
million euros ($201.1 million), as the conglomerate continues to
streamline it operations as a technology-focused company.
The German industrial company's commercial-vehicles unit, which
supplies electric-drive systems for medium and heavy-duty vehicles,
was already in Siemens's portfolio-companies segment, which
includes businesses being teed up for sales.
Siemens in February sold its parcel-logistics arm from its
portfolio segment to Koeber for EUR1.15 billion.
Troy, Mich.-based Meritor plans to integrate the
commercial-vehicles business's motor, inverter and systems
technology to enhance its development of next-generation
powertrains, Siemens said.
"The move is another step in the company's rigorous
implementation of its previously announced plan to sharpen its
portfolio as a focused technology company," Siemens said.
Closing is expected at the end of 2022, subject to regulatory
approvals, the company added.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
May 20, 2022 07:42 ET (11:42 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Meritor (NYSE:MTOR)
Historical Stock Chart
From Oct 2024 to Nov 2024
Meritor (NYSE:MTOR)
Historical Stock Chart
From Nov 2023 to Nov 2024
