Global powertrain supplier BorgWarner has completed its acquisition of the Traction Systems division of Haldex Group.
From production facilities in Sweden, Mexico and Hungary, the new acquisition supplies front wheel drive-based all-wheel drive systems for passenger car and crossover vehicles. Customers include Volkswagen, Audi, Skoda, Seat, Lamborghini, Bugatti, Volvo, Land Rover, Saab and GM.
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The purchase price was $205 million and represents less than one times estimated 2011 sales.
Timothy Manganello, chairman and CEO, BorgWarner, said: “With a strong European base, the acquisition not only compliments our product and customer mix but also enhances our ability to bring these advanced technologies to our customers around the globe.”
