- Supports continued expansion in DC Fast Charging
Market
- Complements existing BorgWarner European and North American
charging footprint by adding China
presence
- Leverages BorgWarner's global capabilities across quality,
engineering, supply chain, manufacturing, and sales
- Closing expected in first quarter 2023
AUBURN
HILLS, Mich., Sept. 20,
2022 /PRNewswire/ -- BorgWarner Inc. (NYSE: BWA) and
Hubei Surpass Sun Electric (SSE) today announced that they have
entered into an Equity Transfer Agreement under which BorgWarner
has agreed to acquire the Electric Vehicle Solution, Smart Grid and
Smart Energy businesses of SSE. The transaction has an enterprise
value of up to RMB 410 million, of
which approximately RMB 267 million
would be delivered at or soon after closing. Up to RMB 143 million could be paid in the form of
contingent payments over approximately two years following the
closing.
Headquartered in Xiangyang, Hubei province, China, SSE's electrification business supplies
patented electric vehicle charging solutions to customers in
China and more than 70 other
countries. SSE has delivered over 50,000 charging
points and has led the engineering, procurement, and
construction (EPC) of more than 250 charging station sites.
SSE's charging and electrification capabilities in China are expected to complement BorgWarner's
existing capabilities in Europe
and North America. SSE's 2022
revenues for the electrification business are expected to be
approximately RMB 180 million.
The transaction is subject to satisfaction of customary closing
conditions and SSE shareholder approval. The closing is expected in
first quarter 2023.
"This transaction makes good business sense as we continue to
bolster our fast-charging capabilities globally," said Frédéric
Lissalde, President and CEO of BorgWarner. "SSE will bring enhanced
offerings while supporting Charging Forward, our strategy to
accelerate our growth in electrification. We look forward to
welcoming their talented team to BorgWarner."
About BorgWarner
For more than 130 years, BorgWarner has been a transformative
global product leader bringing successful mobility innovation to
market. Today, we're accelerating the world's transition to
eMobility — to help build a cleaner, healthier, safer future for
all.
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equipment manufacturer ("OEM") customers and their suppliers,
including us; commodities availability and pricing; competitive
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SOURCE BorgWarner