Global electric vehicle component supplier Sevcon is set to be bought by a US automotive leader in a 拢153m deal.
The Gateshead-based company, which manufactures control and power solutions for electric and hybrid vehicles, struck a deal with BorgWarner, to pay 拢16.89 ($22) per share.
Sevcon chief executive and president Matt Boyle said: “BorgWarner has made it abundantly clear that it is our electrification pedigree and聽 skills they are interested in.
“It will continue to invest in the North East and pursue the strategic ambitions of the business.
“Both businesses are focused on supporting the global electrification transition and the future looks very bright for our North East workforce and homegrown technologies.”
James Verrier, president and CEO of BorgWarner, added: 鈥淭his acquisition supports our existing strategy to supply leading technology for all types of propulsion systems; combustion, hybrid and electric.
鈥淲e look forward to welcoming Sevcon鈥檚 talented employees to BorgWarner.鈥�
鈥淭he proposed merger with BorgWarner provides substantial value to our stockholders and the chance for Sevcon to maximise previous growth investments and capitalise on greater opportunities as a part of a much larger organization with significant market presence.鈥�
Sevcon enjoyed a record year in 2016.