UQM Technologies, a manufacturer of electric motors, generators, power electronic controllers and fuel cell compressors for commercial vehicles, has entered into a merger agreement with Danfoss Power Solutions, a subsidiary of privately-owned Danish conglomerate Danfoss, which manufactures hydraulic systems, drives, motors, and components for the automotive, aerospace and energy industries.
Danfoss will acquire UQM in an all-cash transaction valued at approximately $100 million.
“We believe UQM will be an excellent addition to Danfoss as our products, business model, strategy and focus are closely aligned,” said UQM CEO Joe Mitchell. “Being part of a larger global enterprise will greatly improve our position to compete with other international players, open doors to new markets, and provide critical resources for UQM to continue developing the highly-engineered electric propulsion products we’re known for today. We believe the transaction positions UQM well for the future – particularly in key geographies such as China and India, where Danfoss already operates.”
“We see fast-growing demand for electric solutions within buses and trucks, off-highway vehicles, and marine markets in response to the more stringent emission regulations being imposed – stimulating interest in the efficiency and productivity gains our solutions bring,” said Danfoss CEO Kim Fausing. “With an established North American presence, UQM will complement our global sales and manufacturing footprint nicely, further cementing our strong position in the marine as well as on- and off-highway markets.”
Source: UQM Technologies