TROY, Mich., Dec. 7, 2017 /PRNewswire/ -- Meritor, Inc. (NYSE: MTOR) today announced a strategic investment in TransPower, a leader in electrification technologies for large commercial vehicles. Terms of the transaction were not disclosed.
California-based TransPower supplies integrated drive systems, full electric truck solutions and energy-storage subsystems to major manufacturers of trucks, school buses, refuse vehicles and terminal tractors. The company has been focused exclusively on developing electrical drive solutions for more than seven years.
"TransPower's extensive knowledge and hands-on experience with electrical vehicle (EV) technologies and system integration gives us a significant competitive advantage in developing electrical drive systems for this evolving market," said Jay Craig, CEO and president for Meritor. "This investment reinforces our commitment to deliver high-efficiency solutions for medium- and heavy-duty electric vehicles supported by proven solutions."
With its investment in TransPower, Meritor expects to accelerate introduction of its flexible electric axle platform for various drivetrain configurations, including full electric, hybrid, single or tandem axles. Meritor's lightweight carrier is designed for city-delivery, medium-duty and transit bus, as well as off-road and severe-duty applications.
TransPower's electric drive solutions have been in daily use in commercial vehicles built by major OEMs with approximately 110,000 miles logged, according to Michael Simon, president and CEO, TransPower. The company also retrofits its electric drive solutions into existing vehicle platforms.
"Meritor's investment in TransPower could enable large-scale manufacturing of electric drive components and systems," Simon said. "Our expertise in systems engineering and controls for EVs complements Meritor's strong brand and century of experience in designing and manufacturing drivetrain products for the commercial vehicle industry."
Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets. With more than a 100-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world. Meritor is based in Troy, Mich., United States, and is made up of approximately 8,200 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 19 countries. Meritor common stock is traded on the New York Stock Exchange under the ticker symbol MTOR. For important information, visit the company's website at www.meritor.com.
SOURCE Meritor, Inc.