Columbus-based Cummins Inc. (NYSE: CMI) has announced plans to acquire a company in the Silicon Valley. Cummins says the deal for Efficient Drivetrains Inc. will help accelerate its electrification capabilities. EDI designs and produces hybrid and fully-electric power solutions for commercial markets.
Financial details of the acquisition were not immediately disclosed. Cummins says it expects the deal to close in the third quarter.
"As power needs and technologies continue to evolve, Cummins remains committed to innovations that will deliver the right power solutions for the right applications at the right time to help our customers’ succeed," said Tom Linebarger, chief executive officer of Cummins. "This acquisition will combine EDI’s talented workforce and electrification capabilities with Cummins’ expertise in developing and manufacturing the technologies that power the world."
The move is the latest for Cummins in its quest to lead the global electrified power market. The acquisition of EDI is the company’s third electric power-related deal in the past year. Cummins announced the acquisition of Oregon-based Brammo Inc. in October, as well as the automotive battery systems business of United Kingdom-based Johnson Matthey in January.
You can learn more about the EDI acquisition by clicking here.