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Cummins to Acquire Electric and Hybrid Powertrain Provider

| July 3, 2018

Cummins

Cummins Inc. (NYSE: CMI),  a global power leader that designs, manufactures, distributes and services a broad portfolio of power solutions, 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.

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.”

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.

Category: Featured, General Update, News

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