New Delhi, Jan 18 (IANS) Auto component manufacturer Hero Motors Company (HMC) on Monday announced that it has acquired a strategic stake in UK's transmission design technology leader Hewland Engineering Ltd.
Hero Motors, however, has not disclosed the transaction amount involved in the acquisition.
"The acquisition will enable Hero Motors to create a competitive single source entity to design and manufacture high quality transmission products, particularly in the emerging EV segment, to OEMs across North America, Europe and India," it said.
It 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, said the statement.
"This investment represents a significant strategic inflection point for us 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," said Pankaj M Munjal, Chairman and Managing Director at HMC.
William Hewland, Chairman at Hewland Engineering: "This new collaboration with Hero Motors provides a capital infusion that will help us execute our strategic growth initiatives, as well as enhance our capabilities and presence within the EV market.
"In close collaboration with Hero Motors we will be a highly competitive single source for full programme delivery - from transmission design through to high-volume manufacture - for customers across North America, Europe and India."