BorgWarner Acquires Switzerland-Based Engineering Services Provider Drivetek - BorgWarner (NYSE:BWA)

BorgWarner Inc BWA has acquired Switzerland-based engineering and product development services provider Drivetek AG.
The transaction has an enterprise value of up to CHF35 million, of which CHF25 million was delivered at closing.
An additional CHF 10 million could be paid in the form of contingent payments over the next 3 years.
Drivetek offers engineering and product development services for inverters, electric drive solutions, and power electronics as well as a line of products that include specialized inverters for high-speed electrified turbomachinery.
Drivetek’s competencies include design and development of power electronics and electrical machines, system engineering, and control software.
It supports customers in the automotive and transportation industry as well as in the aviation, industrial and energy sectors.
BorgWarner held $1.2 billion in cash and equivalents as of September 30, 2022.
Price Action: BWA shares closed higher by 0.35% at $42.66 on Thursday.