By Pierre Bertrand

 

Siemens AG said Wednesday that it has closed the sale of its commercial-vehicles business to Meritor, Inc. for an enterprise value of around 190 million euros ($196.3 million).

The commercial-vehicles unit supplies electric-drive systems for medium- and heavy-duty vehicles.

The sale was agreed to in May as part of the German industrial company's push to streamline its operations.

Meritor was acquired by Cummins Inc. in August.

 

Write to Pierre Bertrand at pierre.bertrand@wsj.com

 

(END) Dow Jones Newswires

November 30, 2022 09:37 ET (14:37 GMT)

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