Meritor, Inc. has announced it recently acquired all the outstanding common shares of Transportation Power, Inc., better known as TransPower.
The comapny said the addition of TransPower to its portfolio "advances its M2022 priorities through increased investment in advanced technologies," adding that the move "aligns with the values of Meritor's Blue Horizon brand," the company's platform of advanced technologies centered on electrification.
"We are excited to welcome TransPower to the Meritor family as we continue providing our customers with sophisticated electric drivetrain solutions," said Jay Craig, Meritor CEO and president. "This acquisition enables us to further position the company as a premier supplier of electrification technologies for commercial vehicles."
Early last year, Meritor announced more than 20 electrification programs with global OEMs, which are expected to put at least 130 fully electric medium- and heavy-duty commercial trucks on the road through 2020. The company began a strategic investment in TransPower in 2017, hoping to speed the development of its electric vehicle platform.
Meritor doubled down on this strategy last April, by increasing its investment to fund continued improvements in the development of controls for its eAxle and the commercialization of electric vehicle system solutions from both companies.
Soon after, the two companies announced the completion of two multi-year projects for the development, testing. and evaluation of advanced, zero-emission electric yard tractors and Class 8 trucks.