31 January 2018
DETAILS
Cummins Inc. (NYSE: CMI) today announced
the acquisition of
Johnson Matthey's UK automotive battery systems business,
a subsidiary of Johnson Matthey that specialises
in high-voltage automotive grade battery systems
for electric and hybrid vehicles.
As part of the acquisition, Cummins and Johnson Matthey
also agreed to collaborate on the development
of high energy battery materials
for commercial heavy duty applications.
The acquisition and collaboration agreement
are an important step for Cummins and Johnson Matthey.
The acquisition of the automotive battery systems business
allows Cummins to expand its electrification
and energy storage capabilities in its efforts
to be a global leader in electrified power.
Johnson Matthey is able to focus on
developing high energy battery materials, including
its class-leading
enhanced lithium nickel oxide (eLNO) product,
for transport applications
within its overall technology portfolio.
The parties intend to collaborate on
the development of new products
with enhanced performance characteristics
for commercial applications relying on
the unique and deep expertise of each company.
As one of Europe's largest lithium-ion battery system suppliers,
the automotive battery systems business
has 50 employees and is based in
Milton Keynes, United Kingdom.
The acquisition was signed and closed on 31st January.
Cummins will continue to explore other opportunities
to add electrification capabilities as it prepares
for delivery of electrified powertrains to customers in 2019.
In October 2017, Cummins announced
the acquisition of Brammo,
which is known for designing and developing
low-voltage battery packs for mobile and stationary applications.
With the addition of JMBS' high-voltage battery expertise,
Cummins now has capability
across the entire range of energy storage options.
Chairman and CEO, Cummins Inc.
"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,"
"By combining our electrification capabilities,
portfolio of diverse power solutions, and global network,
Cummins is uniquely positioned to lead in electrification.
What differentiates us is our ability
to help customers succeed with high quality products
across the spectrum of power solutions they use,
whether it's electric, diesel, natural gas
or other energy solutions."
Chief Executive,
Johnson Matthey
" This collaboration with Cummins is an important step for us",
" It will enable us to grow our position
in high energy battery materials, particularly
for heavy duty applications, and apply our chemistry expertise
to develop new products that will give our customers,
and ultimately consumers, the performance they demand
from electrically powered vehicles.
In divesting our automotive battery systems business
to Cummins we can focus on our strategy
of expanding our eLNO platform
and developing commercial battery materials
for the full range of transport applications."
Media Contacts
Sally Jones
Director, Corporate Communications
Tel: +44 (0)20 7269 8407
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