Siemens has agreed to sell its Commercial Vehicles business to Meritor. 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. Commercial Vehicles is part of Siemens’ Portfolio Companies. The purchase price totals around €190 million, subject to working capital adjustments. Closing is expected, subject to regulatory approvals, by the end of this calendar year.
“Commercial Vehicles is another success story for our Portfolio Companies’ concept. We have turned Commercial Vehicles into a profitable business and now found the ideal new owner that is a great strategic fit. It is a win-win for both Siemens and Commercial Vehicles. Our value creation through the portfolio companies continues in full swing and today is another milestone to optimise our portfolio,” said Ralf P. Thomas, CFO of Siemens AG.
“The acquisition of Commercial Vehicles enhances our Blue Horizon brand by expanding our electric vehicle product capability and strengthening the Meritor team with important technical capabilities,” said Chris Villavarayan, CEO and president of Meritor. “We are impressed with the accomplishments of Commercial Vehicles’ leadership and employees and look forward to them becoming an important part of our team.”
