Cummins acquired Siemens’ commercial vehicles business, a global supplier of high-performance electric drive systems for commercial vehicles, through its subsidiary, Meritor. Siemens will report through Cummins’ New Power business unit.

In May 2022, Meritor announced it had entered into an agreement to acquire the business for about $190 million enterprise value. Cummins completed its acquisition of Meritor in August 2022. This acquisition adds key capabilities in direct drive and transmission-based remote mount electric motors, inverters, software and related services which are critical elements in the next generation of electric powertrains.

“We are excited to welcome Siemens’ Commercial Vehicles electric drive systems business into Cummins,” Jennifer Rumsey, president and CEO at Cummins, said. “By combining our collective, deep knowledge of our industry and how our customers use our applications, we will innovate and advance key technologies. This acquisition also reflects another key milestone in the execution of our strategy to reach net-zero emissions by 2050 in a way that is best for our customers and the planet.”

“We are thrilled to join Cummins which has a long history serving the commercial vehicle market,” Mart Verschoor, former CEO of Siemens Commercial Vehicles, said. “I know we will deliver technologies required to accelerate adoption of zero-emission powertrains that delight our customers and move our communities forward.”