BorgWarner takes over hybrid business of Eldor Corporation
BorgWarner and Eldor Corporation S.p.A. today announced the agreement of a share purchase agreement. In this agreement, BorgWarner agrees to acquire Eldor's Electric Hybrid Systems (EHS) business segment upon closing. Additional payments may become due under an earn-out arrangement.
The EHS business of Eldor, headquartered in Italy, includes on-board chargers (OBCs), DC/DC converters, and integrated high-voltage boxes, which are intended to complement BorgWarner's existing product portfolio. The goal of the acquisition is to expand BorgWarner's capabilities for developing compact, efficient 400V and 800V chargers that are compatible with a variety of global grid configurations. At the same time, the takeover adds innovative and cost-effective high-frequency DC/DC converter technology to the portfolio. BorgWarner expects the EHS business of Eldor to generate sales of 25 million euros in 2023. In relation to the targets of Charging Forward 2027, BorgWarner forecasts revenues of approximately 250 million euros for the year 2027.
"I am proud of the recognition of the values we have jointly created so far, and I thank the team for the passion, dedication, and performance it has shown over the years," says the president of Eldor Corporation.
The transaction is subject to the fulfillment of closing conditions and is expected to be completed in the third quarter of 2023.
“Eldor’s technologies are a great addition to BorgWarner’s electric drive portfolio, particularly in terms of expanding high-voltage power electronics beyond the inverter,” says Frédéric Lissalde, President and CEO of BorgWarner. “We are continuing our M&A strategy under Charging Forward and look forward to welcoming the dedicated team from Eldor to BorgWarner later this year.”
According to Pasqual Forte of BorgWarner, Eldor’s EHS team represents the best opportunity to grow globally both technically and entrepreneurially.
What does it mean?
Founded in 1972, Eldor Corporation is headquartered in Orsenigo, north of Milan. In addition to research and development centers in Italy, the company also has production facilities in Italy, China, Turkey, Brazil, and the USA, which should fit well into the Americans' portfolio.
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