BorgWarner and Eldor Corporation have entered into a Share Purchase Agreement under which BorgWarner has agreed to acquire the Electric Hybrid Systems (EHS) business segment of Eldor for 75 million euros (Rs 660 crore) at closing with a potential additional amount due subject to an earnout.
Headquartered in Italy, Eldor’s EHS segment includes on-board chargers (OBCs), DC/DC converters, and integrated high voltage boxes, all of which are expected to complement BorgWarner’s existing product portfolio. The acquisition is expected to enhance BorgWarner’s capabilities in engineering compact and efficient 400V and 800V on-board chargers that are compatible with the variety of regional grid configurations found globally while also bringing innovative and cost-effective high-frequency DC/DC converter technology to the portfolio.
BorgWarner says it expects that Eldor’s EHS business will generate 25 million euros (Rs 220 crore) of revenue for the full year 2023. Relative to its Charging Forward 2027 targets, BorgWarner expects that revenues will be approximately 250 million euros (Rs 2,197 crore) in 2027.
Frederic Lissalde, President & CEO, BorgWarner said, “Eldor’s technologies are a great complement to BorgWarner’s ePropulsion portfolio, particularly as it relates to expanding in high-voltage power electronics beyond the inverter. As we continue with our Charging Forward M&A strategy, we look forward to welcoming Eldor’s talented team to BorgWarner later this year.”
Pasquale Forte, President, Eldor Corporation said, “BorgWarner represents the best opportunity for the Eldor EHS team to grow further from both a professional and managerial standpoint at a global scale. I am proud that the value we have built together so far has been well recognised and I thank them for the passion, dedication, and skills they have demonstrated over the years.”
