Cummins has completed the purchase of Siemens’ Commercial Vehicles division, a leading global supplier of high-performance electric drive systems for commercial vehicles, through its subsidiary Meritor. Meritor, which was acquired by Cummins in August, stated in May 2022 that it had signed an agreement to purchase the company for about €190 million in enterprise value.
This purchase broadens the company’s strengths in direct drive and transmission-based remote mount electric motors, inverters, software, and related services, all of which are crucial components of the next generation of electric powertrains. These capabilities, as well as the hiring of approximately 200 workers, principally in Germany, China, and the United States, will enhance Cummins’ capacity to offer a broader range of electrified product solutions across commercial vehicle applications to worldwide clients.
“We are excited to welcome Siemens’ Commercial Vehicles electric drive systems business into Cummins,” said Jennifer Rumsey, Cummins’ President and CEO. “By combining our collective, deep knowledge of our industry and how our customers use our applications, we will innovate and advance key technologies. This acquisition also reflects another key milestone in the execution of our strategy to reach net-zero emissions by 2050 in a way that is best for our customers and the planet.”
“We are thrilled to join Cummins which has a long history serving the commercial vehicle market,” said Mart Verschoor, former CEO of Siemens Commercial Vehicles who will assume the role as Vice President – Traction Systems within Cummins’ New Power segment. “I know we will deliver technologies required to accelerate adoption of zero-emission powertrains that delight our customers and move our communities forward.”