Industry acquisitions continue to pile up in 2019. Two recent announcements come from industry power solution provider, Danfoss, and mining equipment OEM, Sandvik as they continue to broaden their product portfolios and grow in key areas of industry development.
Danfoss has entered into a definitive merger agreement with UQM Technologies, Inc., pursuant to which Danfoss will acquire all outstanding common shares of UQM.
UQM is a leading expert and the technology leader in motors and inverters in the power range of up to 250 kW, and with the transaction, Danfoss adds an important and complementary technology to its current product range. The acquisition will give Danfoss the total package for serving its global markets with optimal solutions, and thereby fully support customers’ needs – regardless of the chosen technologies. This will enable further growth in the markets it serves and additional growth in the market for buses and trucks.
Sandvik has acquired privately owned Artisan Vehicle Systems, manufacturer of battery powered underground mining equipment, based in Camarillo, CA, USA. The core technology is battery packs, electric motors, power electronics, software and control systems. Artisan’s underground mining loaders and trucks are designed with these high-powered, highly reliable and field proven battery electric powertrains. Artisan is the market leader with most battery electric vehicles currently operating in underground mining.