- BorgWarner Inc (NYSE:BWA) has acquired Switzerland-based engineering and product development services provider Drivetek AG.
- The transaction has an enterprise value of up to CHF35 million, of which CHF25 million was delivered at closing.
- An additional CHF 10 million could be paid in the form of contingent payments over the next 3 years.
- Drivetek offers engineering and product development services for inverters, electric drive solutions, and power electronics as well as a line of products that include specialized inverters for high-speed electrified turbomachinery.
- Drivetek’s competencies include design and development of power electronics and electrical machines, system engineering, and control software.
- It supports customers in the automotive and transportation industry as well as in the aviation, industrial and energy sectors.
- BorgWarner held $1.2 billion in cash and equivalents as of September 30, 2022.
- Price Action: BWA shares closed higher by 0.35% at $42.66 on Thursday.
Why Is Engineering And Construction Company Fluor Stock Trading Lower Today?
Fluor reported Q4 fiscal 2023 revenue of $3.82B, missing consensus of $4.11B. Total segment profit decreased to $85M and net loss attributed to FLR was $21M.
