Cummins Announces Acquisition of Electric and Hybrid Powertrain Provider
July 02 2018 - 12:00PM
Business Wire
Efficient Drivetrains, Inc. Acquisition Will
Accelerate Electrification Capabilities
Cummins Inc. (NYSE: CMI) today announced that it is acquiring
Silicon Valley-based Efficient Drivetrains, Inc. (EDI), which
designs and produces hybrid and fully-electric power solutions for
commercial markets. Adding EDI to the Cummins portfolio is the
latest step forward in Cummins’ efforts to become a global
electrified power leader.
“As power needs and technologies continue to evolve, Cummins
remains committed to innovations that will deliver the right power
solutions for the right applications at the right time to help our
customers’ succeed,” said Tom Linebarger, Chairman and CEO, Cummins
Inc. “This acquisition will combine EDI’s talented workforce and
electrification capabilities with Cummins’ expertise in developing
and manufacturing the technologies that power the world.”
Cummins began developing its electrification capabilities more
than a decade ago. During the past nine months, it accelerated
investment in this business when it undertook strategic efforts to
build capabilities across the entire range of electric storage, as
evidenced by the acquisitions of UK-based Johnson Matthey Battery
Systems and North America-based Brammo. Upon the addition of its
fully-electric and unique four-mode hybrid powertrains, EDI will
broaden Cummins’ electrification expertise and products. EDI’s
hybrid system is the most versatile on the market today, able to
switch, in real time, between fully electric, series and parallel
modes.
“As the industry continues to evolve and OEMs move to include
hybrid and electric technologies in their vehicle offerings, the
combination of Cummins and EDI represents a tremendous opportunity
for growth and category leadership,” said Joerg Ferchau, EDI’s
Chairman and Chief Executive Officer. “EDI’s advanced portfolio of
plug-in-hybrid and full electric technologies paired with Cummins’
industry leadership and focus on innovation will allow us to
deliver best-in-class products, service and support
worldwide. 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. Together, we can
lead the electrification category, and provide exciting new options
that the market will embrace.”
Based in the Silicon Valley in California, EDI’s portfolio of
hybrid-electric drivetrain systems, the EDI PowerDrive™ series,
have traveled more than six million miles in a fleet setting in the
United States and China. EDI’s products and diverse customer base
will provide a springboard for Cummins into electrified markets,
enabling the company a more immediate ability to grow market
share.
The closing of the acquisition of EDI is subject to the
satisfaction of customary closing conditions and is expected to
close in the third quarter.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of
complementary business segments that design, manufacture,
distribute and service a broad portfolio of power solutions. The
company’s products range from diesel and natural gas engines to
hybrid and electric platforms, as well as related technologies,
including battery systems, fuel systems, controls, air handling,
filtration, emission solutions and electrical power generation
systems. Headquartered in Columbus, Indiana (U.S.A.), since its
founding in 1919, Cummins currently employs approximately 58,600
people committed to powering a more prosperous world. Cummins
serves customers in about 190 countries and territories through a
network of some 500 company-owned and independent distributor
locations and approximately 7,500 dealer locations. Cummins earned
about $1 billion on sales of $20.4 billion in 2017. Press releases
can be found on the Web at www.cummins.com. Follow Cummins on
Twitter at www.twitter.com/cummins and on YouTube at
www.youtube.com/cumminsinc.
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version on businesswire.com: https://www.businesswire.com/news/home/20180702005572/en/
Cummins Inc.Jon Mills, 317-658-4540Director, External
Communicationsjon.m.mills@cummins.com
Cummins (NYSE:CMI)
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