Sevcon has acquired electric vehicle battery manufacturer, Bassi, whose product line includes fast charging technologies suitable for a range of markets, such as rapid, high voltage and high power sectors.
Bassi also designs and manufactures power management and uninterrupted power source (UPS) systems for industrial, medical and telecom applications, as well as electronic instrumentation for battery laboratories.
In 2015, Bassi generated around US$16m in annual sales. The acquisition is expected to be immediately accretive to Sevcon’s earnings in the first year of combined operations, excluding transition costs.
Bassi’s executive team will continue to manage the business. Bassi will operate as a division of Sevcon from its present facility and no changes in employment levels are anticipated.
Sevcon adds acquiring Bassi will enable it to expand its share of the vehicle electrification market by around 35% and integrate battery charger and power management technology with its new GEN5 family of motor controllers.
“This acquisition is an important milestone for Sevcon that we believe will accelerate our strategic growth and create significant long-term value for our stockholders,” said Sevcon president and CEO, Matt Boyle.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“Battery charging and power management represent a rapidly growing sector of the electrification market that is highly complementary to Sevcon’s products.
“Customers regularly ask for charging solutions in conjunction with our new Gen5 motor controller line, especially in high voltage and high power applications. Bassi has world-class technology that offers an attractive integration opportunity with the Gen5.
“By offering customers a broader product portfolio that eliminates motor controller/battery charger interoperability concerns, we believe we can secure a greater share of the on-road and industrial electrification markets.”
