CUMMINS Completes Acquisition of Siemens Commercial Vehicle Business

Publication Date: 2022-12-06 Back
Cummins, a global pioneer in multi-power technologies, announced that it has completed the acquisition of Siemens' commercial vehicle business, which focuses on high-performance electric drive system solutions for commercial vehicles, through its subsidiary Meritor. In May, Meritor announced that it had reached an agreement to acquire the business for a market value of approximately 190 million euros; Cummins subsequently completed the acquisition of Meritor in August of this year.
CUMMINS Completes Acquisition of Siemens Commercial Vehicle Business

The acquisition expands Cummins' core technology capabilities, including remote control motors based on direct drive and transmission, inverters, software and related services to build next-generation electric powertrain capabilities. At the same time, nearly 200 employees from the business in Germany, China and the U.S. will join Cummins to accelerate the building of capabilities to provide more diverse commercial vehicle electric product solutions for customers worldwide.

"We are pleased to welcome the Siemens Commercial Vehicle Electric Drive Systems business to Cummins," said Jennifer Rumsey, president and CEO of Cummins. and drive key technology upgrades. This acquisition is also an important milestone in our zero carbon strategy to achieve net zero emissions by 2050."

"We are excited to join Cummins, which has been deeply involved in the commercial vehicle market for many years, as we accelerate the polishing of our zero-emissions powertrain technology to meet the needs of our customers and drive continued progress in the communities where we operate." said Mart Verschoor, former chief executive officer of Siemens Commercial Vehicles. Upon completion of the acquisition, he will serve as vice president of Cummins New Energy Power Division, responsible for the traction systems business.

The business will be integrated into the Cummins New Energy Power Division.