BorgWarner has announced that it has finalised its acquisition of Sevcon, Inc. (Sevcon). BorgWarner says Sevcon complements BorgWarner's power electronics capabilities utilised to provide electrified propulsion solutions. Sevcon's annual sales for 2017 are expected to be approximately $60 million. The acquisition is expected to be modestly dilutive to earnings in 2018.
"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. "We look forward to welcoming Sevcon's talented employees to BorgWarner."
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BorgWarner announced an agreement to acquire Sevcon on July 17, 2017, and completed the acquisition on September 27, 2017.
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."
Sevcon dates back to a company formed in 1961 and has office development centres in Gateshead and Oxford, UK, Waterloo, Ontario, Canada and Lugo, Italy.
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