According to the statement, the company paid approximately $130 million at closing, and up to $55 million could be paid out in contingent payments over the next three years.
“The technology that Rhombus brings expands BorgWarner’s electric vehicle portfolio in North America and complements our charging business in Europe,” said Frédéric Lissalde, President and CEO of BorgWarner.
Lissalde continued, this transaction supports BorgWarner’s Charging Forward strategy and strengthens its electric vehicle position.
“As a supplier to the automotive and commercial vehicle market, we are not only delivering innovative technologies for electric drive, but we are also focused on supporting certain key elements of infrastructure for electric mobility, including charging,” he added.
This is not the first acquisition by BorgWarner, according to a report from Electrek, on March 31, 2022, BorgWarner has acquired 100% of Santroll Automotive Components, a light vehicle eMotor business.