Cummins Inc. (NYSE:CMI) announced on Wednesday that it completed its acquisition of Siemens’ Commercial Vehicles business through its Meritor subsidiary.
The company said the acquisition of a leading global supplier of high-performance electric drive systems for commercial vehicles adds key capabilities in direct drive and transmission-based remote mount electric motors, inverters, software and related services which are critical elements in the next generation of electric powertrains.
The expectation is that those capabilities, and the addition of nearly 200 employees primarily in Germany, China and the United States, will accelerate Cummins (CMI) ability to offer global customers a wider array of electrified product solutions across commercial vehicle applications.
The acquired business will report through Cummins New Power business unit.
See the current valuation metrics on Cummins.