Webasto Acquiring AeroVironment EV Charging Business
AeroVironment, one of the early players in EV charging in the U.S., decided to sell its Efficient Energy Systems (EES) unit, which includes charging products so that it can focus on its main business.
EES will be acquired by the Webasto Group, which is a major supplier to automotive OEMs and came to the EV party late.
According to AeroVironment, the company identified a number of potential strategic acquirers for the EES and Webasto’s E-mobility strategy was found to be highly aligned with that of EES, so all of the jobs will be retained.
The acquisition was valued at $35 million.
“Webasto Group, one of the 100 leading suppliers to the automotive industry worldwide, and AeroVironment (NASDAQ: AVAV), a leader in unmanned aircraft systems (UAS) for both defense and commercial applications and tactical missile systems (TMS), announced Webasto’s agreement to acquire AeroVironment’s Efficient Energy Systems (EES) business segment for $35 million, subject to customary post-closing adjustments and indemnification agreements. Webasto will retain all existing EES employees, while strengthening its longterm E-mobility strategy.”
“Webasto’s acquisition of AeroVironment’s EES business segment contributes to the company’s dual strategy. With this strategy Webasto strengthens its existing core business areas in Sunroofs, Convertibles and Thermo Systems and participate in new business areas, focusing on battery systems and plug-in electric vehicle charging solutions.”
Holger Engelmann, chairman of the management board, Webasto SE said:
“This strategic acquisition accelerates the global development of our charging business. Combining EES’ fundamental know-how in electric vehicle technology with our position as a global systems partner to almost all OEMs emphasizes the long-term strategic development of the Webasto Group,” added Engelmann. E-mobility customers among others will profit from the automotive supplier’s global experience in system integration and understanding the requirements of the automotive industry.
Wahid Nawabi, AeroVironment chief executive officer said:
“We conducted a very robust process in which we identified a number of potential strategic acquirers for our EES business. We found Webasto’s E-mobility strategy to be highly aligned with that of EES, and our respective capabilities to be highly complementary serving our end markets. Our strategic divestiture of EES helps AeroVironment focus on our leading small UAS, Tactical Missile Systems, High-Altitude Pseudo-Satellite, and Commercial Information Solutions businesses, each of which represents significant investment and long-term growth potential.”