Cummins Adds to Battery Tech Portfolio
Columbus-based Cummins Inc. (NYSE: CMI) has acquired the automotive battery systems business of United Kingdom-based Johnson Matthey. Financial terms of the deal were not disclosed, however Cummins says it will collaborate with Johnson Matthey on the development of high-energy battery materials for commercial heavy duty use.
Cummins says the acquisition will allow the company to expand its electrification and energy storage capabilities. The two companies will work on developing new products in an effort Cummins calls an "important step."
"The addition of Johnson Matthey Battery Systems’ technical expertise and customer base in markets that are more rapidly adopting electrification further positions us as a global energy storage supplier," said Tom Linebarger, chief executive officer of Cummins. "By combining our electrification capabilities, portfolio of diverse power solutions, and global network, Cummins is uniquely positioned to lead in electrification."
The deal comes three months after Cummins acquired Oregon-based Brammo Inc., which designs and develops low-voltage battery packs for mobile and stationary applications.
In July, Linebarger outlined Cummins' plans to further its commitment to electrification, including the delivery of electrified powertrains to customers in 2019. The company says it will continue to explore additional opportunities to add electrification capabilities.