Cummins (CMI) recently announced that through its subsidiary Meritor, it has completed the acquisition of Siemens Commercial Vehicles business, a top supplier of high-performance electric drive systems for commercial vehicles. The acquired business will report through Cummins New Power business unit.
The acquisition contributes to Cummins’ capabilities in direct drive and transmission-based remote mount electric motors, inverters, software and related services, critical for the next generation of electric powertrains. The buyout will also add nearly 200 employees, primarily in Germany, China and the United States, which will expand its scope of offering global customers with a wider range of electrified product solutions across commercial vehicle applications.
Cummins is enthusiastic about the acquisition and looking forward to bringing its innovation in its key technologies. The buyout also reflects another key milestone as it bolsters Cummins’ strategy to reach net-zero emissions by 2050.
Cummins acquired Meritor in August 2022. The buyout positions Cummins as a leading provider of integrated powertrain solutions across internal combustion and electric power applications. The acquisition adds products to Cummins’ components business, offering attractive growth opportunities across the firm’s range of power solutions and applications.