MAUMEE, Ohio, Jan. 15, 2019 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) announced today that it has completed the acquisition of the SME Group, headquartered in Arzignano, Italy. The global SME Group designs, engineers, and manufactures low-voltage AC induction and synchronous reluctance motors, inverters, and controls for a wide range of off-highway electric vehicle applications, including material handling, agriculture, construction, and automated-guided vehicles.
The addition of SME's low-voltage motors and inverters, which are primarily designed to meet the evolution of electrification in off-highway equipment, significantly expands Dana's electrified product portfolio.
"Dana's acquisition of SME enhances our ability to address the electrification and hybridization needs of our customers, while also increasing the potential for incremental content per vehicle," said Jim Kamsickas, president and chief executive officer of Dana. "SME's exceptional electric motor and inverter products, which largely support off-highway applications, are highly complementary to the technologies we acquired with TM4, which are predominately focused on light- and commercial-vehicle applications."
"Dana is equipped to provide complete e-Propulsion systems that balance the demands for performance, power density, and weight," said Christophe Dominiak, chief technology officer for Dana. "The addition of SME's low-voltage induction motors rounds out our already robust offering of high-voltage permanent magnet motors and enables us to deliver a complete range of electrified solutions for our customers."
Dana's existing portfolio of Spicer® Electrified™ with TM4® motors and inverters combined with SME's low-voltage motors will expand the company's capabilities to applications ranging up to 250kW.
The privately held SME Group employs more than 100 people and operates in China, Germany, Canada, and Italy.
Dana's electrification capabilities will be further strengthened by the anticipated acquisition of the Drive Systems segment of the Oerlikon group, enabling Dana to provide products for a broad range of hybrid and electric-vehicle configurations. The transaction is expected to close in the first quarter of 2019.
About Dana Incorporated
Dana is a world leader in highly engineered solutions for improving the efficiency, performance, and sustainability of powered vehicles and machinery. Dana supports the passenger vehicle, commercial truck, and off-highway markets, as well as industrial and stationary equipment applications. Founded in 1904, Dana employs approximately 30,000 people in 33 countries on six continents who are committed to delivering long-term value to customers. Based in Maumee, Ohio, USA, the company reported sales of more than $7.2 billion in 2017. For more information, please visit www.dana.com.
SOURCE Dana Incorporated