Siemens Sells Commercial-Vehicles Business to Meritor in $200 Million Deal

   By Ed Frankl 
 

Siemens AG said Friday that it has agreed to sell its commercial vehicles business to Meritor Inc. for an enterprise value of 190 million euros ($201.1 million), as the conglomerate continues to streamline it operations as a technology-focused company.

The German industrial company's commercial-vehicles unit, which supplies electric-drive systems for medium and heavy-duty vehicles, was already in Siemens's portfolio-companies segment, which includes businesses being teed up for sales.

Siemens in February sold its parcel-logistics arm from its portfolio segment to Koeber for EUR1.15 billion.

Troy, Mich.-based Meritor plans to integrate the commercial-vehicles business's motor, inverter and systems technology to enhance its development of next-generation powertrains, Siemens said.

"The move is another step in the company's rigorous implementation of its previously announced plan to sharpen its portfolio as a focused technology company," Siemens said.

Closing is expected at the end of 2022, subject to regulatory approvals, the company added.

Write to Ed Frankl at [e-mail]

(END) Dow Jones Newswires

May 20, 2022 07:42 ET (11:42 GMT)

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