BorgWarner agrees to acquire Sevcon

BorgWarner has agreed to acquire Sevcon, Inc., a specialist in electrification technologies.

Sevcon complements BorgWarner's power electronics capabilities used to provide electrified propulsion systems.

On its website it says: "[We have designed and manufactured] high-quality motor controllers and system components for a variety of hybrid and electric vehicles for over half a century. Our partners range from leading on-road vehicle manufacturers to forklift truck and electric motorcycle makers." 

"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.

It dates back to a company formed in 1961 and has office development centres in Gateshead and Oxford, UK, Waterloo, Ontario, Canada and Lugo, Italy.

The completion of the transaction is subject to terms and conditions, including the approval of Sevcon's stockholders and receipt of required competition law approval.  The expected value of the transaction at closing is approximately US$200m.

The deal is expected to close in the fourth quarter of 2017.