BorgWarner has signed an agreement to acquire the Traction Systems division of Haldex Group, a provider of innovative products for the global vehicle industry headquartered in Stockholm, Sweden.
"This acquisition supports our continuing strategy to be a global technology leader in providing powertrain solutions," said Timothy M. Manganello, chairman and CEO of BorgWarner. "With the acquisition of Haldex Traction Systems, BorgWarner has added a strong and well-respected brand of all-wheel drive products that will compliment our current portfolio as well as our customer and geographic mix."
The move is expected to accelerate BorgWarner's growth in the global all-wheel drive market as it continues to shift toward front-wheel drive based vehicles. The acquisition will add industry leading FWD/AWD technologies, with a strong European customer base, to BorgWarner's existing portfolio of front and rear-wheel drive based products.
The purchase price is approximately $205 million, and represents less than one times estimated 2011 sales. The deal is expected to close in the first quarter of 2011 subject to standard regulatory approvals.
More info: www.borgwarner.com
"This acquisition supports our continuing strategy to be a global technology leader in providing powertrain solutions," said Timothy M. Manganello, chairman and CEO of BorgWarner. "With the acquisition of Haldex Traction Systems, BorgWarner has added a strong and well-respected brand of all-wheel drive products that will compliment our current portfolio as well as our customer and geographic mix."
The move is expected to accelerate BorgWarner's growth in the global all-wheel drive market as it continues to shift toward front-wheel drive based vehicles. The acquisition will add industry leading FWD/AWD technologies, with a strong European customer base, to BorgWarner's existing portfolio of front and rear-wheel drive based products.
The purchase price is approximately $205 million, and represents less than one times estimated 2011 sales. The deal is expected to close in the first quarter of 2011 subject to standard regulatory approvals.
More info: www.borgwarner.com
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