Forkwarner Inc. is located in Auburn Hills. Acosol AG, the German manufacturer of lithium-ion batteries, agreed to take over in February.
Borgwarner became 89 percent owner of Acasol after completing a takeover bid for shares in automotive supplier Battery, the press release said on Friday.
Borg Warner paid approximately $ 788 million in cash to complete the takeover offer. According to the agreement, Akasol will operate as an independent subsidiary.
“We are excited to add Acosol’s innovative products, capabilities and team to Pork Warner as we advance our plan to grow our electric vehicle business to approximately 45 (percent) of total sales by 2030 under the plan charging perspective “Said Frederick Lisalt, Chairman and CEO. .
Akasol manufactures batteries for buses and commercial vehicles as well as locomotives and marine vehicles. The company employs more than 300 people in two plants in Germany and a company in Hazel Park, which announced last year it would increase production to 38,000 units per year in order to secure new contracts with global commercial vehicle manufacturers.
As part of the takeover, Borg Warner paid investors 5,145.60 per share. Borgwarner said it borrowed more than $ 32 million as part of the deal in February and failed to open a $ 900 million loan to meet German regulatory requirements.
The acquisition of Borgwarner Acacolo follows the acquisition of Delphi Technologies in October 2020 for $ 3.2 billion. Both additions have enhanced the company’s electrified impulse capabilities.
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