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BorgWarner Acquires Switzerland-Based Engineering Services Provider Drivetek

  • BorgWarner Inc (NYSE: BWA) has acquired Switzerland-based engineering and product development services provider Drivetek AG.

  • The transaction has an enterprise value of up to CHF35 million, of which CHF25 million was delivered at closing.

  • An additional CHF 10 million could be paid in the form of contingent payments over the next 3 years.

  • Drivetek offers engineering and product development services for inverters, electric drive solutions, and power electronics as well as a line of products that include specialized inverters for high-speed electrified turbomachinery.

  • Drivetek’s competencies include design and development of power electronics and electrical machines, system engineering, and control software.

  • It supports customers in the automotive and transportation industry as well as in the aviation, industrial and energy sectors.

  • BorgWarner held $1.2 billion in cash and equivalents as of September 30, 2022.

  • Price Action: BWA shares closed higher by 0.35% at $42.66 on Thursday.

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