AUBURN HILLS, Mich.,
Feb. 15, 2022 /PRNewswire/ --
BorgWarner Inc. (NYSE: BWA) today announced that it has completed
its acquisition of AKASOL AG. The combination of BorgWarner and
AKASOL is expected to significantly strengthen the company's
commercial vehicle and industrial electrification capabilities,
which positions the company to capitalize on what it believes to be
a fast-growing battery systems market.
"We are pleased to complete our acquisition of AKASOL and
welcome AKASOL's talented employees in Germany and the
United States to BorgWarner," said Frédéric Lissalde,
President and CEO, BorgWarner. "AKASOL is an excellent strategic
fit as BorgWarner seeks to continue to expand its electrification
portfolio and capitalize on the profound industry shift towards
electrification."
AKASOL represents ~20 to ~25% of the inorganic sales underlying
Project Charging Forward, contributing ~$600
million in expected electric vehicle revenue by 2025.
Project Charging Forward was announced in March 2021 and aims to grow the company's revenue
from electric vehicles to ~45% of total revenue by 2030.
The completion of the merger squeeze-out was the final step to
achieve full control and ownership of AKASOL. At completion of the
transaction, the shares of all minority shareholders were
automatically transferred to ABBA BidCo AG by operation of law. At
the same time, AKASOL AG has been merged into ABBA BidCo AG and
AKASOL common stock will cease to be traded on the relevant Stock
Exchanges. Sven Schulz, the former
CEO of AKASOL, will continue in a consulting role with BorgWarner
through the second quarter of the year.
About BorgWarner
BorgWarner Inc. (NYSE: BWA) is a
global product leader in delivering innovative and sustainable
mobility solutions for the vehicle market. Building on its original
equipment expertise, BorgWarner also brings market-leading product
and service solutions to the global aftermarket. With manufacturing
and technical facilities in 93 locations in 22 countries, the
company employs approximately 49,000 people worldwide. For more
information, please visit borgwarner.com.
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SOURCE BorgWarner