Cummins acquires electric and hybrid powertrain provider
Cummins acquired Silicon Valley-based Efficient Drivetrains, a designer and manufacturer of hybrid and fully-electric power solutions for commercial markets.
Terms of the deal, which was announced July 2, were not disclosed. Acquisition is expected to close by the end of the calendar year.
Efficient Drivetrains’ CEO says the move will help the company’s technology scale.
“Vehicle OEMs and fleets evaluating new electric and hybrid technologies prefer to work with well-established companies that have the depth and resources to provide the support that’s needed to scale into high volume mass production,” said Joerg Ferchau, EDI’s Chairman and Chief Executive Officer, in a news release.
“Together, we can lead the electrification category, and provide exciting new options that the market will embrace.”
Cummins currently employs approximately 58,600 people. Cummins earned about$1 billion on sales of $20.4 billion in 2017.
Creative Commons image courtesy of John Lloyd