Mich. (Dec. 7, 2017) ̶
Meritor, Inc. (NYSE: MTOR) today announced a strategic investment in TransPower, a leader in electrification
technologies for large commercial vehicles. Terms of the transaction were not disclosed.
TransPower supplies integrated drive systems, full electric truck solutions and
energy-storage subsystems to major manufacturers of trucks, school buses, refuse
vehicles and terminal tractors. The
company has been focused exclusively on developing electrical drive solutions
for more than seven years.
“TransPower’s extensive knowledge
and hands-on experience with electrical vehicle (EV) technologies and system
integration gives us a significant competitive advantage in developing electrical
drive systems for this evolving market,” said Jay Craig, CEO and president for
Meritor. “This investment reinforces our commitment to deliver high-efficiency
solutions for medium- and heavy-duty electric vehicles supported by proven solutions.”
With its investment in TransPower,
Meritor expects to accelerate introduction of its flexible electric axle platform
for various drivetrain configurations, including full electric, hybrid, single
or tandem axles. Meritor’s lightweight carrier is designed for city-delivery,
medium-duty and transit bus, as well as off-road and severe-duty applications.
TransPower’s electric drive
solutions have been in daily use in commercial vehicles built by major OEMs with
approximately 110,000 miles logged, according to Michael Simon, president and
CEO, TransPower. The company also retrofits its electric drive solutions into
existing vehicle platforms.
“Meritor’s investment in TransPower could
enable large-scale manufacturing of electric drive components and systems,”
Simon said. “Our expertise in systems engineering and controls for EVs complements
Meritor’s strong brand and century of experience in designing and manufacturing
drivetrain products for the commercial vehicle industry.”
Inc. is a leading global supplier of drivetrain, mobility, braking and
aftermarket solutions for commercial vehicle and industrial markets. With more
than a 100-year legacy of providing innovative products that offer superior
performance, efficiency and reliability, the company serves commercial truck,
trailer, off-highway, defense, specialty and aftermarket customers around the
world. Meritor is based in Troy, Mich., United States, and is made up of
approximately 8,200 diverse employees who apply their knowledge and skills in
manufacturing facilities, engineering centers, joint ventures, distribution
centers and global offices in 19 countries. Meritor common stock is traded on
the New York Stock Exchange under the ticker symbol MTOR. For important
information, visit the company's website at www.meritor.com.