TMD Friction and HELLA have agreed to transfer the 50% share held by TMD Friction in the brake joint venture (JV) Hella Pagid to HELLA. The two companies signed a letter of intent, with HELLA becoming the sole shareholder of Hella Pagid. Founded in 2013, Hella Pagid sells brake components and accessories on the global automotive aftermarket. The parties have agreed not to disclose the purchase price, said a press release on December 1. HELLA aims to expand sales of brake products under the HE...

Zurich-based Kongsberg Automotive AS (KA) has completed the acquisition of 100% of the share capital of Skriverform AS, with the deal being finalized as announced on Nov. 9, 2023. Skriverform, based in Norway, specializes in the design and manufacture of injection molding (IM) tools, a company press release said Nov. 29. According to Linda Nyquist-Evenrud, KA's interim president and CEO, the acquisition aligns with the company's strategic plan to achieve vertical integration, enhance efficien...

Toyota Motor and two affiliated companies plan to sell approximately 10% of their shares in Denso, an auto-parts supplier, worth about ¥700 billion (about $4.7 billion) by the end of November, according to a Nikkei Asia report on Nov. 29. The move aims to reduce cross-shareholding and free up funds for electric vehicle investments. Toyota Motor currently holds about 24% of Denso's total shares, while Toyota Industries owns 9% and Aisin holds 2%. The Japanese automaker plans to lower its hold...

Ovo Energy has successfully completed the acquisition of public electric vehicle charging consumer app Bonnet, the energy supplier announced Nov. 24. Bonnet is a UK public-charging aggregator startup working to accelerate the uptake of sustainable transport. The startup’s groundbreaking technology brings together nationwide public charge point operators into one app. According to the press note, Bonnet is one of the largest public-charging consumer apps with over 80% of the UK’s charge...

Komatsu America Corp., a wholly owned subsidiary of the Japanese multinational company Komatsu, plans to acquire American Battery Solutions Inc. (ABS), a Detroit-based battery manufacturer, Komatsu announced Nov. 20. Komatsu said that it is planning to close the acquisition on Dec. 1, on the condition that all necessary procedures for the closing are completed. The immediate impact on Komatsu’s consolidated business results is estimated to be minimal, it added. Notably, ABS is known for ...

In a press release announcement on Nov. 22, Broadcom said that it has completed its acquisition of VMware Inc. VMware's common stock will now cease to be traded on the NYSE. Hock Tan, president and CEO of Broadcom, said, "We are excited to welcome VMware to Broadcom and bring together our engineering-first, innovation-centric teams as we take another important step forward in building the world's leading infrastructure technology company. With a shared focus on customer success, together we a...

Recaro Automotive North America has acquired the assets and technology of C12 Technology, it said in a press release dated Nov. 20. C12 Technology is a US-based company specializing in advanced material component development and production. With this acquisition, Recaro aims to strengthen its Automotive division’s position in the premium performance seat market. The deal marks a strategic move by Recaro Automotive to vertically integrate its engineering, development and manufacturing o...

Panasonic Holdings Corp. (PHD) has signed a memorandum of understanding with an affiliate of Apollo Global Management to become a strategic partner in the Panasonic Automotive Systems (PAS) business, a company press release dated Nov. 17 said. Under the agreement, funds managed by Apollo will acquire a portion of PHD's ownership of PAS. The companies will continue discussions with the intention of finalizing the details of the agreement by March 31, 2024. PAS provides advanced technologies, i...

Technology company Heraeus has acquired a significant stake in the startup company Zadient, it said in a press release dated Nov. 13. Zadient is a French-German company specializing in Silicon Carbide (SiC) source material and Heraeus considers the market of SiC-base material highly relevant and a suitable addition to its operations. Zadient aims to accelerate its growth through the partnership with Heraeus. “We are very excited to be partnering with an industry leader like Heraeus. Th...

BrightDrop, an electric delivery startup, has become a subsidiary of General Motors, the US automaker said in a press release on Nov. 16. BrightDrop was started in GM’s Innovation Lab and has leveraged the company's manufacturing expertise. The startup has produced a product portfolio that helps major companies such as FedEx, Ryder and DHL decarbonize their fleet operations. The integration of BrightDrop will also enable GM to scale up production of its Zevo electric delivery vans, which ar...

KPIT, in a press release on Nov. 9, announced that its board of directors approved the initial strategic acquisition of 13% shareholding in N-Dream AG (N-Dream), a cloud-based game aggregation platform company with an option to increase the shareholding further. The company is based in Switzerland. KPIT will pay €3 million for the 13% stake. N-Dream is in the in-vehicle gaming space offering a cloud-based game aggregation platform including data to automotive original equipment manufac...

Swedish automaker Volvo Group has been selected as the winning bidder in an auction for the business and assets of the Proterra Powered business unit at a purchase price of $210 million, the company announced Nov. 10. Notably, Proterra Inc. and Proterra Operating Co. Inc. are in a voluntary Chapter 11 bankruptcy process in the US. The company said that the transaction between Proterra Inc. and Proterra Operating Co. Inc. as sellers and Volvo is subject to approval by the bankruptcy court i...

EasyPark Group, a leading mobile paid parking provider, aims to acquire Flowbird Group, a global mobility player offering integrated parking and transportation solutions. The acquisition will expand EasyPark Group's reach to thousands of new locations worldwide, enabling the company to deploy its award-winning consumer and business-to-business services. Flowbird Group operates under several brands, including Flowbird, YourParkingSpace, TPark, Extenso Cloud and Yellowbrick, providing multiple ...

Harman Professional Solutions, a global leader in audio, lighting and video and control technologies, has agreed to acquire Flux Software Engineering (Flux::), a pioneer in immersive audio production, audio processing plug-in design and audio analysis. The acquisition will expand Harman Professional's offerings across various applications with cutting-edge immersive technology and establish a foundation for future innovation by combining Flux::'s team with Harman Professional's hardware and s...

Raymond Group has acquired a 59.25% stake in Maini Precision Products Ltd. (MPPL) for $81.9 million, Mint reported Nov. 3. The acquisition will diversify Raymond's business portfolio beyond its core fabric and realty segments and open up new opportunities in rapidly growing sectors such as electric vehicles (EVs). MPPL manufactures precision engineering products for aerospace, EV and defense sectors with 11 manufacturing facilities in India. As part of the deal, Raymond will consolidate its e...

Jabil Inc., a global leader in design, manufacturing and supply chain solutions, has successfully acquired Retronix, an innovative provider of electronic component reclamation and refurbishment services, according to a press release dated Nov. 6. The acquisition, which was completed in early 2023, adds exclusive technologies to Jabil's portfolio while maintaining security, quality and certification standards. Retronix, with 30 years of experience in component recovery, rebelling, retinning an...

Ford Motor Co. plans to acquire energy-management startup Auto Motive Power (AMP) to boost its electric vehicle charging, battery management and power-conversion technology capabilities, according to a news report published by TechCrunch on Nov. 2. Following the deal and completion of acquisition process, the Los Angeles-based startup will cease to exist, the report said, adding that Ford plans to scoop up the startup’s technology, talent and facility in Santa Fe Springs, Calif., to ad...

Borealis has acquired Rialti, an Italian polypropylene (PP) compounder of recyclates, it said in a press release dated Nov. 2. The acquisition enhances Borealis' portfolio of PP compounds based on mechanical recyclates by 50,000 metric tons per year, strengthening its ability to meet customer demand for sustainable, high-performance solutions. The acquisition will strengthen Borealis' specialty and circular portfolios. Rialti uses its annual capacity of 50,000 metric tons to make injection mo...

The Mann+Hummel Group on Oct. 31 announced the closing of the acquisition of a majority stake in Suzhou U-Air Environmental Technology (U-Air). The company said this strategic move reinforces Mann+Hummel's commitment to meeting the rising global demand for cleaner air solutions and strengthens its footprint in the growing Chinese and Southeast Asian air-filtration market. Highlighting the importance of the acquisition of U-Air, one of the largest Chinese filtration manufacturers known for its...

Linamar Corp. has announced the completion of its acquisition of Mobex, in a press release dated Nov. 1. Mobex is a tier 1 supplier of automotive components. In September, Linamar signed an agreement with Mobex to acquire a substantial portion of its US-based assets with the consideration for Mobex’s Propulsion-Agnostic business valued at $64 million. The assets acquired consist of manufacturing operations for propulsion-agnostic chassis, and suspension modules and components, such as ...

Dongfeng Motor Group will acquire automotive assets from its joint venture with Stellantis NV as part of the carmaker's strategy to consolidate its manufacturing resources amid weak car sales in mainland China, Nikkei Asia reported on October 24, based on a news report from Caixinglobal.com.  The report said Dongfeng Peugeot Citroen Automobile (DPCA) will sell assets including certain land-use rights, buildings and structures in Wuhan and Xiangyang in Hubei province, mainland China,...

Onsemi has announced the completed expansion of its Silicon Carbide (SiC) fabrication facility in Bucheon, South Korea, according to a press release on October 24. At full capacity, this fab will be able to manufacture more than 1 million 200-mm SiC wafers per year. To support the ramp in SiC manufacturing capacity, Onsemi plans to hire up to 1,000 local employees over the next three years to fill the mostly highly technical positions — a more than 40% increase over the present workforce ...

Private equity firm Northleaf Capital Partners has agreed to acquire a controlling stake in the US-based electric vehicle charging network EVPassport Inc., Northleaf announced October 12. EV charging platform startup EVPassport was co-founded by Hooman Shahidi and Aaron Fisher, who serve the venture as the CEO and chief technology officer, respectively. The company focuses on the deployment of Level 2 and Level 3 EV chargers across North America and provides an end-to-end EV chargin...

Schaeffler AG is offering to buy Vitesco Technologies Group AG in a €3.64 billion deal that would bolster the German ball-bearings maker’s presence in the electric vehicle supply chain, Yahoo Finance reported October 9, quoting news agency Bloomberg.  Schaeffler â€” whose shareholders already control almost half of Vitesco — said October 9 that it has offered €91 a share in cash for the company, confirming an earlier report by Bloomberg News. The company expects the transact...

BASF has agreed to divest its Neopolen expanded polypropylene (EPP) business to Knauf Industries GmbH, Plastics Today reported October 8. The transaction includes the production plant at BASF's Schwarzheide site in Germany, along with the associated products, intellectual property, customer and supplier contracts, and trademark rights. Neopolen enables the production of lightweight molded parts for the automotive and heating and air conditioning industries. Knauf Industries is manufacturer of...

According to a press release on October 4, Infineon Technologies AG, a Germany-based semiconductor company, has acquired 3db Access AG, a Swiss startup specializing in secured low-power, ultrawide-band (UWB) technologies. The acquisition enhances Infineon's portfolio for secured smart access, precise localization and enhanced sensing, adding UWB to its existing connectivity range of Wi-Fi, Bluetooth, Bluetooth Low Energy and near-field communications (NFC) solutions.  Thomas Rosteck, pre...

Toyota Boshoku Corp. announced October 3 that the company has acquired the shares of Toyota Auto Body Seiko Co. Ltd. from Toyota Auto Body, increasing its shareholding from the current 33.6% to 66.4% stake and making it a subsidiary company. After an increased stake, the subsidiary company will be renamed as Toyota Boshoku Seiko Corp. as of October 1, it said. The corporate restructuring was done in the presence of Masayoshi Shirayanagi, president of Toyota Boshoku Corp.; Katsuhiro Matsu...

Automotive suppliers Mahle and Hella have agreed to sell their respective 50% stake in the Behr-Hella Thermocontrol (BHTC) joint venture to AUO Corp., a Taiwan-based company specializing in display panel products and solutions. The press statement, dated October 2, stated that the sale is valued at an enterprise value of €600 million and is subject to approval by foreign trade and antitrust authorities. The parties have signed an agreement and expect the transaction to close by mid-2024. BHTC ...

Michelin has completed the acquisition of Flex Composite Group (FCG), it said in a press release dated September 27. The enterprise value at the time of the initial announcement in June was €700 million. The acquisition will boost the group toward developing its polymer composites activities. FCG works on a wide range of polymer composite solutions, adjacent to those already developed by Michelin. It has 400 employees and primarily operates in Europe. The acquisition will boost Michelinâ...

Jabil Inc. announced on September 26 the signing of a definitive agreement to divest its Mobility business to BYD Electronic (International) Company Limited (BYDE) in a cash transaction valued at $2.2 billion. The definitive agreement follows a preliminary agreement announced by the two companies on August 27, 2023. As part of the agreement, Jabil’s Mobility business, which manufactures components for consumer electronics, will transfer to BYDE. The business is mainly located in Chengdu and...

Due to declining demand from top customers such as Hyundai and Kia, along with a flood of Chinese-made products, Hyundai Steel Co. has decided to close its stainless steel-making plant in Incheon, South Korea, a report in The Korea Economic Daily said on September 20.  The paper further said the steelmaker recently informed its labor union of the decision, quoting sources. The company will transfer the Incheon factory employees to other plants after shutting down the plant at t...

Linamar has signed an agreement with Mobex Fourth and 1 to acquire a substantial portion of its US-based assets, it said in a press release on September 21. The consideration for Mobex’s propulsion-agnostic business is $70 million. The transaction is expected to close in the mid-fourth quarter of 2023. “We are very pleased to announce this acquisition, the latest step in building our revenue profile for non-[internal combustion engine] dependent products in alignment with our overall...

Redwood Materials announced September 19 that it has acquired Redux Recycling GmbH, one of Europe’s leading lithium-ion (Li-ion) battery recycler, in an attempt to further expand its presence in Europe. The acquisition of Redux will provide Redwood with a well-established EU presence to quickly expand operations, besides increasing capacity for battery recycling, and work closely with already-established suppliers, customers and industry partners across Europe. According to Redwood, the ...

Indie Semiconductor has completed the acquisition of Swiss photonics company Exalos, it said in a press release on September 18. Indie paid about $45 million to Exalos shareholders and could pay an additional $20 million if certain revenue-based performance targets are exceeded over a 24-month, post-closing period. “[Exalos'] differentiated solutions immediately expand [Indie’s] [advanced driver assistance systems, or ADAS] and User Experience product and technology offering to our g...

Europcar Mobility Group (Europcar) and Euro-Leasing GmbH (Euro-Leasing) — a fully owned subsidiary of Volkswagen Financial Services AG — announced the signing of an agreement, according to which Europcar will take a controlling stake of 51% in Euromobil GmbH (Euromobil), subject to antitrust clearance. The other 49% will remain with Euro-Leasing, according to Europcar's September 15 statement. Euromobil is the rent-a-car and car subscription business of Euro-Leasing operating across Volks...

Uno Minda is set to acquire the remaining stake in Uno Minda Europe for €1.3 million after receiving board approval, CNBC TV18 reported on September 12. The acquisition will make Uno Minda Europe a wholly-owned subsidiary of Uno Minda. The Indian supplier will buy a 3.81% stake held by George Hutter in Uno Minda Europe through SAM Global Pte Ltd, a wholly owned subsidiary of Uno Minda. Significance: Uno Minda Europe develops lighting systems and electronic control units (ECUs). The compa...

In a press release announcement on September 12, Intel Corp. has agreed to sell an approximately 10% stake in the IMS Nanofabrication business (IMS) to TSMC. TSMC’s investment values IMS at approximately $4.3 billion, consistent with the valuation of the recent stake sale to Bain Capital Special Situations (Bain Capital). Intel will retain majority ownership of IMS, which will continue to operate as a stand-alone subsidiary under the leadership of CEO Elmar Platzgummer. The transaction is...

In a press release announcement on September 11, Kaixin Auto said that the company has signed a non-binding acquisition term sheet with WM Motor Holdings, planning to issue a certain number of new shares to acquire 100% of equity of WM Motor held by its current shareholders. Founded in late 2015, WM Motor is a smart new-energy vehicle company in China with full capabilities in product design, research and development (both hardware and software), supply chain management, vehicle and battery-p...

Mullen Automotive announced that it has acquired battery-pack production assets from Romeo Power for about $3.5 million, in a press release dated September 11. The deal includes equipment, inventory and intellectual property for high-volume electric vehicle battery pack and module production. “Purchasing the Romeo assets is consistent with our battery pack production path and previous announcements for our high voltage facility in Monrovia. Overall, this purchase further enhances our [capab...

ABC Technologies has entered into an agreement to acquire an automotive business of Plastikon Industries, it said in a press release dated August 23. The acquisition cost is $130 million, with the transaction expected to close in the third calendar quarter of 2023. “Welcoming Plastikon Automotive into ABC Technologies will represent a significant step forward for our company. It amplifies our position as an industry leader in lightweighting and plastic injection molding, gives ABC a stronge...

Top global automotive fluid systems supplier, TI Fluid Systems (TIFS) has agreed to acquire Cascade Engineering Europe (CEE), a Hungarian-based designer and manufacturer of thermal-fluid connectors and other complex plastic-injection molded components for the automotive industry. The business has a strong reputation for its technical expertise and product quality, with in-house capabilities from design and development to tooling, prototyping and serial manufacturing, the company said in a press ...

Clarios, the global leader in manufacturing and recycling advanced, low-voltage networks and batteries, announced its decision to purchase Paragon GmbH & Co. KGaA's power business that produces batteries and battery management systems for the automobile industry. Clarios is the parent company of Varta Automotive, a leading transportation battery brand in Europe, the company said through a press release on August 31. Paragon's engineering team's expertise and leadership with projects ...

According to a Reuters September 1 report, Chinese battery-maker Gotion High Tech is purchasing a 25% stake in Slovak battery-maker Inobat, and will provide supply chain and technology support as the startup scales up production of electric vehicle batteries, the companies said on August 31 without disclosing terms for the investment or what it means for Inobat's valuation. The stake acquisition by Gotion, partly owned by Volkswagen, is the first investment by a Chinese battery-maker in ...

US-based thermal-solutions provider Modine announced August 29 the sale of its facilities in Temecula, Calif., and Tampa, Fla., to Protecall. Both the facilities provide aftermarket application services in which heating, ventilating and air conditioning (HVAC) units are coated with anticorrosion protection. The sale process is likely to be executed by the end of September. Neil Brinker, president and CEO of Modine, said, "This sale continues the process we started in 2021 with the c...

There is no denying that connected cars generate big data. Data has received increasing attention in the automotive industry over the last five to 10 years, alongside the expansion of connected-vehicle fleets and the digital-services ecosystem. More global players have placed data on the top of their strategic agendas as they prepare to engage in new data-driven business models. Additionally, the software-defined vehicle and its always-on connectivity have made it possible to monetize data and s...

According to a Reuters report dated August 28, Chinese electric-car company Xpeng said it will acquire ride-hailing giant Didi's smart electric vehicle unit and the two companies will form a strategic partnership. As part of the deal, which could be worth as much as $744 million, Xpeng will launch an A-class model in 2024 under a new brand, currently called Mona, aiming to expand in the mass-market segment. "Project ['Mona'] will accelerate the Company's production and sales growth and help a...

Chinese electric-vehicle maker BYD said its unit struck a deal with the US-based manufacturing firm Jabil Inc.'s Singaporean division to buy its mobility business in China for 15.8 billion yuan (about $2.17 billion). The deal will expand BYD Electronic (International) Co.'s (BE's) customer base, product portfolio and business of smartphone components, and boost its progress as it looks to capture the potential growth in the sector, Reuters reported August 28. "While improving BE's market shar...

TMD Friction, a supplier of brake-friction solutions for the automotive and brake industry, announced its sale to Aequita, a global industrial group with headquarters in Munich said to have a strong automotive division, according to a press release dated August 22. Aequia has acquired TMD Friction from TMD’s Japanese parent company Nisshinbo Holdings Inc. The transaction is expected to be completed in the fourth quarter of 2023. The financial details of the agreement are not being disc...

Synopsys Inc. announced on August 23 the completion of the acquisition of PikeTec GmbH, a major player in solutions for the testing and verification of automotive software for control unit systems. The emergence of software-defined vehicles (SDVs) is accelerating the rapid growth of electronics content in vehicles that manage their operations, functionality and features primarily or entirely through software. The growing complexity of SDV systems, comprising software, sensors, computing and m...

NaaS Technology has announced plans to acquire Swedish electric vehicle charging solutions provider Charge Amps for about 724 million kronor (about $66.4 million), in a press release dated August 22. Charge Amps' expertise in innovation and market channel capability will enable NaaS to carry out localized services in Europe. “We are very pleased to welcome the Charge Amps brand and team into the NaaS platform, marking an important milestone as we continue to expand into the intern...

According to a Reuters report dated August 22, German auto parts supplier Continental is considering the sale of the Car division currently bundled within ContiTech, quoting Manager Magazin, which cited company sources. The report said the possible sale would be part of a wider reorganization of the company being planned by Supervisory Board Chairman Wolfgang Reitzle and the executive board around CEO Nikolai Setzer, the publication had added, citing the sources. Continental has taken...

German automotive supplier Mahle plans to sell its Thermostat business to the industrial and investment holding company Admetos. As part of the deal, Admetos will take over development and production with around 600 employees in six countries, a company press release dated August 18 said. In a strategic move, Mahle is focusing on electrification and systems for thermal management, as well as cost leadership, in components for highly efficient, green combustion engines. As part of this new dir...

French automotive supplier Valeo Group announced August 18 that as part of its decision to divest its production activities in Russia, it has signed an agreement with NPK Avtopribor for the sale of all Valeo's production assets of its Powertrain Systems business in Russia. The company said completion of this transaction is subject to obtaining the necessary regulatory approvals. It will enable the 158 Russian employees in the business to keep their jobs. This sale will be carried ou...

Intel has agreed with Tower Semiconductor to terminate the agreement to acquire Tower, according to a company press release dated August 16. The termination is due to the inability to obtain the regulatory approvals required.​ Intel will pay a termination fee of $353 million to Tower. “We are executing well on our roadmap to regain transistor performance and power performance leadership by 2025, building momentum with customers and the broader ecosystem and investing to deliver the geogra...

Garmin has signed an agreement to acquire JL Audio, it said in a press release dated August 7. JL Audio designs and manufactures audio solutions for automotive and customers from other markets, including marine and powersports. While the press release mentioned that the financial details of the acquisition would not be disclosed, the completion is expected to occur by the end of 2023. “JL Audio’s extensive audio experience will create new opportunities to provide premium audio features...

Forvia, the world’s seventh-largest automotive technology supplier, announced the successful completion of the sale of SAS Cockpit Modules division (SAS) to the Motherson Group on July 31, it said in a press release dated August 1.  The Motherson Group acquired 100% of SAS, a global provider of assembly and logistics services for the automotive industry, based on an enterprise value of €540 million. Motherson is a diversified manufacturing specialist and one of the world’s leading ...

European-American vehicle manufacturer Stellantis NV confirmed July 28 that it has completed the acquisition of its 33.3% stake in Symbio to become an equal shareholder in the hydrogen mobility company, along with Forvia (erstwhile Faurecia) and Michelin. According to Stellantis, acquiring an equal stake in Symbio will bolster its leadership position in hydrogen-powered vehicles by supporting fuel-cell van production in France. It also serves as a perfect complement to the company’s growing...

German chemical producer BASF announced July 28 that it has completed the spin-off process of its mobile emissions catalysts and precious metal services businesses. The company said that it has named the newly formed separate legal entity as BASF Environmental Catalyst and Metal Solutions (ECMS). BASF’s intention to carve out the entity was first announced in December 2021 with an expected completion timeframe of 18 months. Commenting on the development, Markus Kamieth, member of the boa...

Porsche AG, a majority owner of MHP GmbH, an IT consultancy firm, plans to gradually increase its share to 100% by January 2024. The company Co-founder, Shareholder and Chairman of the board of management Ralf Hofmann has 18.2% of the share and will sell it to the original equipment manufacturer; however, he will continue to lead the company as CEO. With the new structure, MHP should in particular achieve quicker global growth outside of the group in terms of its size, customer structu...

Ramkrishna Forgings has approved an investment to acquire Multitech Auto, its unit Mal Metalliks and Mal Auto Products, it said in a press release dated July 21. Multitech Auto and Mal Metalliks manufacture assembly-top covers, shift cylinders, assembly gears, differential cases, differential covers, types of hubs, crank cases, king pins, cotter pins, spring pins, shifter shafts, steering spindles, falcrum pins and rollers for heavy-commercial vehicle brakes. “The strategic acquisition...

Samvardhana Motherson has announced that its unit Samvardhana Motherson Automotive Systems Group is set to acquire the assets and shares of the German entities of Dr. Schneider Holding, according to a company press release dated July 24. Dr. Schneider Group is a manufacturer of innovative, high-end interior components. The overall enterprise value of the deal is about €118.3 million. Dr. Schneider Holding has seven facilities in five countries and employs around 4,500 people. “We have bee...

US-based Group14 Technologies, a leading manufacturer of advanced silicon-battery technology, has acquired Germany-based Schmid Silicon Technology Holding GmbH in a move to strengthen its battery supply chain, the company announced July 24. Based in Spreetal, Germany, Schmid Silicon is a known producer of advanced silane, an inorganic compound that will be used by Group14 Technologies as a raw material. As part of the acquisition, Group14 said that it plans to bring Schmid Silicon’s stat...

ZF Friedrichshafen AG (ZF Group) and Hon Hai Technology Group (Foxconn) announced a 50-50 partnership in passenger-car chassis systems with an aim of accelerating and expanding automotive and supply chain opportunities with top-tier customers, the company announced July 24. As part of this partnership, Foxconn plans to acquire a 50% stake in ZF Chassis Modules GmbH, a unit of ZF Group that bundles the passenger-car axle-systems assembly and has an enterprise value of approximately €1 billio...

Japan Display (JD) has announced that its subsidiary, JDI Design and Development GK (JDIDD), has completed the acquisition of Joled’s organic light-emitting diode technology-development business and related operations, in a press release dated July 18. Significance: The acquisition agreement was first announced in March. Joled was established in 2015 to develop and commercialize low-cost, high-resolution OLED displays using a printing method. In 2021, Joled began full-sc...

Samvardhana Motherson International has completed the acquisition of 51% stake in Saddles International Automotive and Aviation Interiors Pvt. Ltd. (SIAAIPL), it said in a press release dated July 13. SIAAIPL is engaged in the manufacturing of premium upholstery for passenger vehicles. The enterprise value of the deal is 2.07 billion Indian rupees (around $25 million) and it was an all-cash transaction. Significance: Samvardhana Motherson’s board first announced the intention of acquitting ...

ROHM has struck a basic agreement with Solar Frontier K.K. to acquire its assets at Kunitomi Plant in Japan. According to a company press release dated July 12, the acquisition is scheduled to take place in October. The acquisition is in line with ROHM’s strategy of expanding its production capacity particularly for Silicon Carbide (SiC) power devices. The site area is approximately 400,000 square meters. Significance: As industries look to reduce carbon emissions, semiconductors pl...

HCLTech announced that it has signed a definitive agreement to acquire 100% equity stake in ASAP Group, an automotive engineering services provider. The transaction is subject to relevant regulatory approvals and is expected to close in September 2023, according to a press release July 12.  Headquartered in Ingolstadt, Germany, ASAP is focused on automotive technologies in areas such as autonomous driving, e-mobility and connectivity. ASAP serves automotive original equipment manufa...

Kongsberg Automotive AS (KA) has signed an agreement to acquire 20% of the shares in Chassis Autonomy SBA AB (Chassis Autonomy) via a directed rights issue. The agreement further includes call options to acquire up to 100% of the total outstanding shares within 2027, according to a press release July 11. Additionally, KA has entered an exclusive partnership collaboration with Chassis Autonomy to support the continued growth of the company and unlock its market potential. Chassis Autonomy spec...

Denso Corp. on July 10 announced the conclusion of a memorandum of understanding (MOU) on starting negotiations for the transfer of selected internal combustion engine (ICE) parts operations to Niterra Co. Ltd. The two companies reached a decision to sign the MOU during a board of directors meeting. Denso has agreed to transfer business operations for its spark plug and exhaust gas sensor products (oxygen sensor and air-fuel ratio sensor) to Niterra. Significance: Globally, the focus ...

Kontron, a leading provider of IoT/Embedded Computer Technology (ECT), has announced the signing of an asset deal with Telit Cinterion, a US-based company headquartered in Irvine, California, United States, according to a company press release dated July 3.  The agreement comprises Kontron’s acquisition of Telit Cinterion’s Cellular Automotive Module Unit, indicating a major strategic move to enhance its Internet of Things (IoT) offerings with its proprietary software technology. The...

SJS Enterprises has completed the acquisition of 90.1% stake in Walter Pack Automotive Products India, CNBC-TV18 reported July 4. The consideration for the deal is 2.39 billion rupees (about $29 million). Consequently, Walter Pack has become a subsidiary of SJS. SJS acquired 85% stake from Walter Pack Spain and 5.1% shares from Indian promoter and founder, Roy Mathew, whose shareholding will remain at 9.9%. Significance: This acquisition laid the groundwork for a strategic c...

Pirelli has reported an agreement to acquire 100% of Brazil-based Hevea-Tec, according to a press release dated July 4. The target company processes natural rubber. The cost of acquisition will be around €21 million with the tire company looking to tie it up by end of 2023. Significance: Pirelli, with the acquisition of Hevea-Tec, will increase its supply of natural rubber in Latin America. It will ensure continuity of provision in the region and increase efficiency. The company already has...

Samvardhana Motherson International announced that it has entered into an agreement to acquire 81% stake in Yachiyo’s 4W (Y4W) Business, in a press release dated July 4. The acquisition will be done through Motherson’s subsidiary SMRP. Motherson will form an 81:19 strategic partnership with Honda Motor. According to the filing, the equity value of 100% of the enterprise is around $160 million. Significance: As a part of this transaction, Honda Motor will first buy out the entire public st...

Atlas Copco on July 4 announced the acquisition of Extend3D GmbH, a company that develops and produces augmented reality worker guidance for industry customers, using laser and video projection. Extend3D was founded in 2010 and is based in Munich. It has a team of 16 people. In 2022, the company had revenues of approximately $2.9 million. Extend3D develops and produces augmented reality systems including 3D video and laser projectors, supporting manufacturing processes in In...

Witte Automotive has announced the acquisition of VAST Automotive Group, according to a company press release June 30. While the consideration of the deal was not announced, Witte expects to generate sales of more than €1 billion in the next fiscal year. The company also expects to employ around 6,000 people. “Global trends in the automotive industry have led to significant shifts in the markets. Our products are increasingly in demand in Asia. With the new distribution of ownership withi...

BorgWarner has announced the successful completion of the spin-off of its Fuel Systems and Aftermarket segments into a separate, publicly traded company called Phinia, in a press release dated July 3. Evercore was BorgWarner's lead financial advisor for the spin-off, while BofA Securities also acted as a financial advisor. BorgWarner had announced its intention to spin off its Fuel Systems and Aftermarket segments in December 2022. Significance: As a part of its Charging Forward strategy anno...

Imerys, the world leader in mineral-based specialty solutions, purchased an 80% stake in British Lithium, a private company having developed a processing route to produce battery-grade lithium carbonate from Cornish granite. This buyout brings together Imerys' mining; infrastructure in Cornwall, UK; research and development (R&D) and process development capabilities; as well as its lithium mineral resources; with British Lithium’s bespoke technology and state-of...

US automakers, General Motors Co on June 30 announced the acquisition of Israel-based battery software startup ALGOLiON Ltd. for an undisclosed sum. This buyout was led by the newly formed Technology Acceleration and Commercialization (TAC) organization, a group within GM that works to identify emerging technology that can support GM’s leadership position in battery development through investments, acquisitions, or partnerships. The startup’s employees, including the company’s founders,...

Elmos has entered into a definitive agreement with Littelfuse to sell its 200 mm Dortmund wafer fab in Germany for around €93 million ($101.7 million), according to a press release dated June 28. The companies have agreed to enter into a defined multi-year capacity sharing arrangement with an initial term lasting through 2029, with Elmos buying defined volumes of wafers produced at the fab. “The sale of this wafer fab is an important structural alignment to our strategy, and over time, al...

US electric-vehicle maker Tesla aims to acquire Wiferion, a Germany-based wireless EV charging startup, according to a news report published by Electrek on June 21. The news report cited Business Insider, which sourced the information from a regulatory filing by Wiferion. In the regulatory filing, the startup confirmed that Tesla is interested in acquiring it. That said, neither Tesla nor Wiferion have responded to the queries sent to them by the media outlet. According to Electrek, T...

In a press release dated June 21, Intel announced that it has agreed to sell an approximately 20% stake in its IMS Nanofabrication GmbH (IMS) business to Bain Capital Special Situations (Bain Capital), in a transaction that values IMS at approximately $4.3 billion. The transaction is expected to close in the third quarter of 2023. IMS will operate as a stand-alone subsidiary and will continue to be led by CEO Elmar Platzgummer. Since inventing multi e-beam technology and introducing the ...

Rivian has acquired electric vehicle route-planning app-maker Iternio, according to a release June 21. Iternio’s app, called A Better Routeplanner (ABRP), provides route-calculation services considering weather conditions, charging stops and vehicle weight, among other factors. ABRP will power the Rivian in-car planner and the Rivian app to allow users to plan trips in advance. Rivian's trip planning will release later this June and will be updated via the monthly softwa...

According to a press release dated June 19, Kongsberg Automotive (KA) said that it has entered into a nonbinding agreement with Chassis Autonomy, to acquire a 20% equity stake in the company combined with call options to acquire up to 100% of the shares (proposed transaction). Chassis Autonomy specializes in software design and hardware development in steer-by-wire and brake-by-wire systems for use in highly automated (Level 3) and fully autonomous (Level 4 and Level 5) vehicles. KA brin...

BorgWarner Inc. and Eldor Corp. SpA on June 19 announced that they 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 at closing with a potential additional amount due subject to an earnout. The transaction is subject to the satisfaction of closing conditions and is expected to close in the third quarter of 2023. Significance: Based in Italy, Eldor’s EH...

Delta Electronics Inc., a leading provider of power and thermal-management solutions, on June 15 announced the signing of a definitive agreement to purchase, through its subsidiary Delta International Holding Ltd. BV, 100% shareholdings of HY&T Investments Holding BV and its subsidiaries, including TB&C Group, a leading provider of automotive high-voltage hybrid components, from Cooperatief H2 Equity Partners Fund IV Holding WA and Te Bokkel Beheer BV for â‚...

Michelin is set to wholly acquire Flex Composite Group (FCG) for an enterprise value of €700 million, according to a company press release June 19. The acquisition of FCG is expected to grow Michelin’s High-Tech Materials revenue by around 20%. The transaction would be earnings before interests and taxes margin-accretive for Michelin at group level. “This operation draws on the best of both companies, in particular on our shared expertise in polymer composite solutions. We are aimi...

US automotive component supplier BorgWarner on June 14 announced the successful completion of spinning off Phinia, paving the way for Phinia to become a completely independent company listed at the New York Stock Exchange under the ticker symbol PHIN. Significant: In December 2022, BorgWarner declared its intent to spin off the Fuel Systems and Aftermarket segments (later named Phinia), consistent with its Charging Forward strategy. At that time, the company’s nonexecutive chairman of ...

Renesas has completed the acquisition of Panthronics AG, a fabless semiconductor company specializing in high-performance wireless products, it said in a press release June 2. The deal was first announced in March 2023. Renesas said it would acquire Panthronics in an all-cash transaction. “We are excited to welcome the Panthronics team to Renesas and announce 13 Winning Combinations showcasing the technological synergy between the companies on the same day. These Winning Combinations u...

According to a press release dated June 1, Veoneer has announced the completion of the sale of its Active Safety business to Magna, a mobility-technology company and one of the largest suppliers in the auto industry. The transaction was first announced Dec. 20, 2022. "Today is a great day for all stakeholders of Veoneer's Active Safety business. The combination with Magna will create a leading global supplier for [advanced driver assistance systems, or ADAS] and secure a compelling long-term ...

On May 30, Linamar Corp. announced reaching a definitive agreement with Dura-Shiloh, a Middleground Capital portfolio company, to acquire its Battery Enclosures business for a total of $325 million in all-cash consideration. The deal includes three factory locations in Alabama, US; Czechia; and North Macedonia. The company said the deal is expected to close during the third quarter of 2023, subject to customary regulatory approval and other closing conditions. All three sites manufacture...

According to a press release May 16, Ansys announced that it has entered into a definitive agreement to acquire Diakopto, a differentiated electronic design automation (EDA) solutions provider to accelerate integrated circuit (IC) development. Diakopto focuses on helping resolve critical issues caused by layout parasitics. The transaction is subject to the satisfaction of customary closing conditions and is expected to close in the second quarter of 2023. It is not expected to have a m...

In a press release announcement May 26, Michelin said that it has signed an agreement with Power International Tires for the purchase of its two local companies, Michelin Russia Tyre Manufacturing Company (MRTMC) LLC and Camso CIS LLC. A known partner of Michelin, Power International Tires is one of the main tire distributors in Russia and has a presence throughout the country. The sale of the activities in Russia marks a major step in Michelin’s history, with the Group having been pre...

Applied Intuition (Applied) and Embark Technology (Embark) announced that the companies have entered into a definitive merger agreement. Under the agreement, Applied will acquire Embark in an all-cash transaction with an equity value of approximately $71 million, according to a press release May 25. Founded in 2016, Embark has built an autonomous-software stack that uses machine-learning methodologies for perception while relying on a safety-redundant compute system. Embark also develope...

In a press release announcement dated May 22, Continental has sold its plant in Kaluga, Russia, to Russian company S8 Capital. Continental has divested the majority of its activities in Russia as part of its announced controlled withdrawal from the Russian market. The transaction has been approved by the relevant authorities. Continental produced passenger tires at the plant in Kaluga. Air-conditioning and power steering lines as well as parts for air-suspension systems for the Russian m...