Auto component maker Hero Motors Company said it has acquired a strategic stake in U.K.-based transmission design technology firm Hewland Engineering, for an undisclosed sum. The firm said the move would enable Hero Motors to create a competitive, single-source entity to make high-quality transmission products, particularly in the EV segment, for OEMs across North America, Europe and India.
“The acquisition made for an undisclosed sum will also enable Hewland to further strengthen its product and service portfolio – particularly in the area of transmissions for electrified passenger cars – and aggressively pursue opportunities among global OEMs and Tier One suppliers,” it added.
Pankaj M Munjal, Chairman and Managing Director at Hero Motors Company said this investment represents a significant strategic inflection point for the firm in the transmission product segment. “By combining Hewland’s comprehensive design and analysis capabilities with our ability to support high-volume manufacturing we are strongly positioned to offer full-stream transmission solutions to global OEMs and Tier One suppliers. We are continuing to invest in the UK, as it is a significant hub for our EV- and cycle-focused activities in particular, as well as for Hewland’s established motorsport customer base,” he added.
