MTOR - Meritor to acquire Siemens Commercial Vehicles electric propulsion business for Euro190M in cash

Meritor (NYSE:MTOR) to acquire Siemens Commercial Vehicles business for ~€190M in cash. The transaction is expected to close by calendar year-end. Siemens Commercial Vehicles business develops, designs and produces high-performance electric drive systems with ~200 employees across Germany, China and the United States. In accordance with the terms of the previously announced acquisition of Meritor, Cummins consented to and is supportive of Meritor completing its acquisition of the Siemens Commercial Vehicles business. "The Siemens Commercial Vehicles business offers capabilities and technology that will enhance our ability to offer superior electric solutions to the global commercial vehicle market," said Chris Villavarayan, Meritor's CEO and president.

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Meritor to acquire Siemens Commercial Vehicles electric propulsion business for €190M in cash