AUBURN HILLS, Mich.,
Feb. 1, 2011 /PRNewswire/ -- Global
powertrain supplier BorgWarner has completed its acquisition of the
Traction Systems division of Haldex Group. From production
facilities in Sweden, Mexico and Hungary, Haldex Traction Systems supplies its
leading front-wheel drive based all-wheel drive systems for
passenger car and crossover vehicles. Customers include Volkswagen,
Audi, Skoda, Seat, Lamborghini, Bugatti, Volvo, Land Rover, Saab
and GM. The purchase price was $205
million and represents less than one times estimated 2011
sales.
"As demand for improved fuel economy continues to escalate,
crossover vehicles are growing in popularity. OEMs are shifting
away from traditional body-on-frame rear-wheel drive based
all-wheel drive systems toward smaller, lighter front-wheel drive
based all-wheel drive systems, which provide better fuel economy.
Haldex Traction Systems is a true success story. Adding their
technical expertise and committed workforce to BorgWarner will help
accelerate our global growth in drivetrain systems. The combination
will offer customers a new and broader range of front-wheel drive
based all-wheel drive systems as well as electric all-wheel drive
and torque vectoring technologies," said Timothy M. Manganello, Chairman and Chief
Executive Officer, BorgWarner. "With a strong European base, the
acquisition not only compliments our product and customer mix but
also enhances our ability to bring these advanced technologies to
our customers around the globe."
About BorgWarner
Auburn Hills, Michigan-based
BorgWarner Inc. (NYSE: BWA) is a product leader in highly
engineered components and systems for vehicle powertrain
applications worldwide. The company operates manufacturing and
technical facilities in 57 locations in 17
countries. Customers include VW/Audi, Ford, Toyota,
Renault/Nissan, General Motors, Hyundai/Kia, Daimler, Chrysler,
Fiat, BMW, Honda, John Deere, PSA, and MAN. The Internet address
for BorgWarner is: http://www.borgwarner.com.
SOURCE BorgWarner Inc.