Denmark-based Danfoss A/S Merges with UQM Technologies in Longmont, Colorado
Danfoss is a leading manufacturer of hydraulic systems, drives, motors, and components for the automotive, aerospace, HVAC, and energy industries. According to company officials, the merger anticipates that UQM will become part of the Danfoss Power Solutions segment.
Joe Mitchell, UQM Technologies’ President & CEO, stated, "We believe UQM will be an excellent addition to Danfoss as our products, business model, strategy and focus are closely aligned.”
“ Being part of a larger global enterprise will greatly improve our position to compete with other international players, open doors to new markets, and provide critical resources for UQM to continue developing the highly-engineered electric propulsion products we’re known for today. We believe the transaction positions UQM well for the future, particularly in key geographies such as China and India, where Danfoss already operates, and provides an attractive return for our shareholders. We’re proud of our many accomplishments and look forward to a future with Danfoss, with which we can enhance service for our customers, invest in technology, and adapt to the ever-changing dynamics of our core markets," he added.
Kim Fausing, President & CEO of Danfoss, added, "It is a great pleasure to announce this transaction with UQM, which will position Danfoss for even stronger performance in the industries we serve. We see fast-growing demand for electric solutions within buses and trucks, off-highway vehicles, and marine markets in response to the more stringent emission regulations being imposed, stimulating interest in the efficiency and productivity gains our solutions bring. With an established North American presence, UQM will complement our global sales and manufacturing footprint nicely, further cementing our strong position in the marine as well as on- and off-highway markets. I look forward to welcoming the UQM team to Danfoss and our business."
The transaction is expected to close in the second quarter of 2019, subject to approval by UQM’s shareholders and the The Committee on Foreign Investment in the United States, a US Government interagency committee authorized to review transactions involving foreign investment in the United States.
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