Drive technology
Danfoss wants to take over UQM Technologies
The Danish Danfoss Group is planning to purchase the US company UQM Technologies via its subsidiary Danfoss Power Solutions. The purchase price is 100 million US dollars. UQM is a manufacturer of electric motors, generators, power electronics and fuel cell compressors.
The completion of the acquisition still requires the approval of two-thirds of UQM shareholders and the CFIUS (Committee on Foreign Investment in the United States). According to Kim Fausing, President and CEO of Danfoss, the stricter emission regulations have resulted in a rapidly growing demand for electric drive solutions for buses and trucks, off-highway vehicles and ships. This is increasing interest in even more efficient and productive solutions from Danfoss. "With an established North American presence, UQM will perfectly complement our global sales and production base and further consolidate our strong position in the marine and on- and off-highway markets," says Fausing. The acquisition is expected to be completed in the second quarter of 2019.
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