BorgWarner and Eldor Corporation SpA announced that they have entered into a Share Purchase Agreement under which the former has agreed to acquire the Electric Hybrid Systems (EHS) business segment of the latter for €75 million at closing with a potential additional amount due subject to an earnout.
Headquartered in Italy, Eldor’s EHS segment includes on-board chargers (OBCs), DC/DC converters, and integrated high-voltage boxes that are expected to complement BorgWarner’s existing product portfolio. The acquisition is expected to enhance BorgWarner’s capabilities in engineering compact and efficient 400V and 800V on-board chargers compatible with various regional grid configurations found globally while bringing innovative and cost-effective high-frequency DC/DC converter technology to the portfolio. The company expects Eldor’s EHS business to generate €25 million in revenue for 2023. Relative to its Charging Forward 2027 targets, it expects that revenues will be approximately €250 million in 2027.
Frédéric Lissalde, President and CEO, BorgWarner, said, “Eldor’s technologies are a great complement to BorgWarner’s ePropulsion portfolio, particularly as it relates to expanding in high-voltage power electronics beyond the inverter. As we continue with our Charging Forward M&A strategy, we look forward to welcoming Eldor’s talented team to BorgWarner later this year.”
Pasquale Forte, President, Eldor Corporation, said, “BorgWarner represents the best opportunity for the Eldor EHS team to grow further from both a professional and managerial standpoint at a global scale. I am proud that the value we have built together so far has been well recognised and I thank them for the passion, dedication, and skills they have demonstrated over the years.”