BorgWarner Inc. (NYSE: BWA) 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.
Frédéric Lissalde, President and CEO, BorgWarner, said:
We are pleased to complete our acquisition of AKASOL and welcome AKASOL’s talented employees in Germany and the United States to 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.
Highlights:
- Expands Commercial Vehicle and Industrial Application Capabilities
- Accelerates business in Fast-Growing Commercial Vehicle and Off-Highway Battery Pack Market
READ the latest Batteries News shaping the battery market
BorgWarner Completes Acquisition of AKASOL AG, AUBURN HILLS, Mich., February 15, 2022
