Cummins purchases electric powertrain company
Cummins is purchasing an electric and hybrid powertrain company. The Columbus-based engine manufacturer on Monday announced that it is acquiring Silicon Valley-based Efficient Drivetrains, Inc. That company designs and produces hybrid and fully-electric power solutions for commercial markets. Cummins officials say that this acquisition helps the company’s 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 EDIs talented workforce and electrification capabilities with Cummins expertise in developing and manufacturing the technologies that power the world.
This acquisition is the latest in Cummins’ efforts to make electric power systems a growing part of its business. Company officials say that over the past nine months, Cummins accelerated investment in this business. This includes the acquisitions of UK-based Johnson Matthey Battery Systems and North America-based Brammo.
The deal is expected to close in the third quarter of this year.