Automotive system supplier strengthens global electric charging footprint with additional competence
Stockdorf/Munich (Ger.) / Monrovia, Calif., June 4, 2018 – Webasto Group, one of the 100 leading suppliers to the automotive industry worldwide, and AeroVironment (NASDAQ: AVAV), a leader in unmanned aircraft systems (UAS) for both defense and commercial applications and tactical missile systems (TMS), announced Webasto’s agreement to acquire AeroVironment’s Efficient Energy Systems (EES) business segment for $35 million, subject to customary post-closing adjustments and indemnification agreements. Webasto will retain all existing EES employees, while strengthening its long-term E-mobility strategy.
“This strategic acquisition accelerates the global development of our charging business,” said Holger Engelmann, chairman of the management board, Webasto SE. “Combining EES’ fundamental know-how in electric vehicle technology with our position as a global systems partner to almost all OEMs emphasizes the long-term strategic development of the Webasto Group,” added Engelmann. E-mobility customers among others will profit from the automotive supplier’s global experience in system integration and understanding the requirements of the automotive industry.
Webasto’s acquisition of AeroVironment’s EES business segment contributes to the company’s dual strategy. With this strategy Webasto strengthens its existing core business areas in Sunroofs, Convertibles and Thermo Systems and participate in new business areas, focusing on battery systems and plug-in electric vehicle charging solutions.
“We conducted a very robust process in which we identified a number of potential strategic acquirers for our EES business. We found Webasto’s E-mobility strategy to be highly aligned with that of EES, and our respective capabilities to be highly complementary serving our end markets,” said Wahid Nawabi, AeroVironment chief executive officer. “Our strategic divestiture of EES helps AeroVironment focus on our leading small UAS, Tactical Missile Systems, High-Altitude Pseudo-Satellite, and Commercial Information Solutions businesses, each of which represents significant investment and long-term growth potential.” Nawabi added.
About AeroVironment, Inc. (AV)
AeroVironment (NASDAQ: AVAV) provides customers with more actionable intelligence so they can proceed with certainty. Based in California, AeroVironment is a global leader in unmanned aircraft systems, tactical missile systems and electric vehicle charging and test systems, and serves militaries, government agencies, businesses and consumers. For more information visit www.avinc.com.
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