By Colin Kellaher

 

Meritor Inc. on Friday agreed to buy Siemens AG's commercial-vehicles business for about 190 million euros ($201 million) in cash, Meritor said.

The Siemens business, which has about 200 employees in Germany, China and the U.S., develops, designs and produces electric drive systems, Troy, Mich., auto-parts maker Meritor said.

Cummins Inc., which earlier this year agreed to buy Meritor for more than $2.5 billion, supports the Siemens deal, which is slated to close by the end of the year, Meritor said.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

May 20, 2022 07:29 ET (11:29 GMT)

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