- Strengthens specialty power electronics
capabilities
- Supports growth of High Voltage eFan business
AUBURN
HILLS, Mich., Dec. 2, 2022
/PRNewswire/ -- BorgWarner Inc. (NYSE: BWA) today announced that it
has acquired Drivetek AG.
Headquartered in Switzerland,
Drivetek offers engineering and product development services for
inverters, electric drive solutions, and power electronics as well
as a line of products that include specialized inverters for
high-speed electrified turbomachinery. Their competencies include
design and development of power electronics and electrical
machines, system engineering, and control software. Drivetek
supports customers in the automotive and transportation industry as
well as in the aviation, industrial and energy sectors.
The transaction has an enterprise value of up to CHF 35 million, of which CHF 25 million was delivered at closing. An
additional CHF 10 million could be
paid in the form of contingent payments over the next 3 years.
"Drivetek is an important partner with BorgWarner on our booked
eFan business, with our first customer award being announced in
February of this year," said Frédéric Lissalde, President and CEO
of BorgWarner. "Bringing Drivetek's talented team in house is an
investment that grows our power electronics capabilities in
auxiliary inverters, which we expect to accelerate the growth of
our High Voltage eFan business. We welcome the team to
BorgWarner."
About BorgWarner
For more than 130 years, BorgWarner has been a transformative
global product leader bringing successful mobility innovation to
market. Today, we're accelerating the world's transition to
eMobility — to help build a cleaner, healthier, safer future for
all.
Forward-Looking
Statements:
This press release contains forward-looking statements as
contemplated by the 1995 Private Securities Litigation Reform Act
that are based on management's current outlook, expectations,
estimates and projections. Words such as "anticipates," "believes,"
"continues," "could," "designed," "effect," "estimates,"
"evaluates," "expects," "forecasts," "goal," "guidance,"
"initiative," "intends," "may," "outlook," "plans," "potential,"
"predicts," "project," "pursue," "seek," "should," "target,"
"when," "will," "would," and variations of such words and similar
expressions are intended to identify such forward-looking
statements. Further, all statements, other than statements of
historical fact contained or incorporated by reference in this
press release that we expect or anticipate will or may occur in the
future regarding our financial position, business strategy and
measures to implement that strategy, including changes to
operations, competitive strengths, goals, expansion and growth of
our business and operations, plans, references to future success
and other such matters, are forward-looking statements. All
forward-looking statements are based on assumptions and analyses
made by us in light of our experience and our perception of
historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
under the circumstances. Forward-looking statements are not
guarantees of performance, and the Company's actual results may
differ materially from those expressed, projected or implied in or
by the forward-looking statements.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Forward-looking statements are subject to risks and uncertainties,
many of which are difficult to predict and generally beyond our
control, that could cause actual results to differ materially from
those expressed, projected or implied in or by the forward-looking
statements. These risks and uncertainties, among others, include:
failure to realize the expected benefits of this or other
acquisitions on a timely basis; the failure to promptly and
effectively integrate this or other acquired businesses; supply
disruptions impacting us or our customers, such as the current
shortage of semiconductor chips that has impacted original
equipment manufacturer ("OEM") customers and their suppliers,
including us; commodities availability and pricing; competitive
challenges from existing and new competitors including OEM
customers; the challenges associated with rapidly-changing
technologies, particularly as relates to electric vehicles, and our
ability to innovate in response; uncertainties regarding the extent
and duration of impacts of matters associated with the COVID-19
pandemic, including additional production disruptions; the
difficulty in forecasting demand for electric vehicles and our
electric vehicles revenue growth; potential disruptions in the
global economy caused by Russia's
invasion of Ukraine; the ability
to identify targets and consummate acquisitions on acceptable
terms; the potential for unknown or inestimable liabilities
relating to the acquired businesses; the uncertainty of the global
economic environment and potential for recessionary conditions in
regional economies; and the other risks noted in reports that we
file with the Securities and Exchange Commission, including Item
1A, "Risk Factors" in our most recently-filed Form 10-K and/or
Quarterly Report on Form 10-Q. We do not undertake any obligation
to update or announce publicly any updates to or revisions to any
of the forward-looking statements in this press release to reflect
any change in our expectations or any change in events, conditions,
circumstances, or assumptions underlying the statements.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/borgwarner-acquires-drivetek-ag-301692137.html
SOURCE BorgWarner