BorgWarner buys hybrid business from Eldor

BorgWarner intends to acquire the Electric Hybrid Systems business segment from Eldor under a share purchase agreement. The purchase price is stated at 75 million euros; additional payments may be due under an earn-out agreement.

Headquartered in Italy, Eldor's Electric Hybrid Systems business includes on-board chargers, DC/DC converters and integrated high-voltage boxes to complement BorgWarner's existing product portfolio. The acquisition aims to expand BorgWarner's capabilities for developing compact, efficient 400 V and 800 V chargers.

At the same time, the acquisition brings innovative and cost-effective high-frequency DC/DC converter technology to the portfolio.

BorgWarner expects Eldor's Electric Hybrid Systems business to generate sales of €25 million in 2023. Relative to Charging Forward 2027 targets, BorgWarner forecasts sales of an estimated €250 million in 2027.

The transaction is subject to the satisfaction of closing conditions and is expected to close in the third quarter of 2023.

»Eldor's technologies are a great addition to BorgWarner's electric drive portfolio, especially in terms of expanding high-voltage power electronics beyond the inverter,« said Frédéric Lissalde, president and CEO of BorgWarner. »We are continuing our M&A strategy in Charging Forward and look forward to welcoming Eldor's dedicated team to BorgWarner later this year.«

»BorgWarner represents the best opportunity for Eldor's Electric Hybrid Systems team to continue to grow globally, both professionally and entrepreneurially,« added Pasquale Forte, President of Eldor Corporation.