Auto supply giant BorgWarner plans to acquire Sevcon, a manufacturer of controls and battery chargers for electric and hybrid vehicles. Subject to shareholders’ approval, BorgWarner will acquire all of Sevcon’s common stock for $22 per share in cash, for an expected total price of $200 million.
Sevcon’s products control on- and off-road vehicle speed and movement, integrate specialized functions, optimize energy consumption and help reduce air pollution. Sevcon’s Bassi Division produces battery chargers for EVs, as well as electronic instrumentation for battery laboratories.
“The proposed merger with BorgWarner provides substantial value to our stockholders and the chance for Sevcon to maximize previous growth investments and capitalize on greater opportunities as a part of a much larger organization with significant market presence,” said Sevcon CEO Matt Boyle.