It has been announced that US-based UQM technologies has entered into a merger with Danfoss Power Solutions, a subsidiary of Danish industry giant Danfoss A/S, who provide engineering solutions worldwide, with the deal expected to close later in 2019.
The 'definitive agreement' entails the purchase of UQM’s shares for the price of $1.71 per share in cash, leading to an expected "all-cash transaction valued at approximately $100 million, including the assumption of UQM’s debt" according to a recent press-release on the merger.
UQM is a developer of tech and high-efficiency electric solutions with 50 years experience in the field of manufacturing propulsion systems for motors. It joining multi-industry technology provider Danfoss was a tactical move on UQM’s behalf, to become part of an even bigger international company and improve their position to compete on a global scale, explains Joe Mitchell, President and Chief Executive Officer of UQM.
Danfoss' ambition to develop tomorrow's technology dates back to September 1, 1933, when Mads Clausen founded Danfoss on his parents' farm in Nordborg on Als. Since then, it has evolved from a one-man business to becoming one of the world's leading suppliers of energy-efficient and innovative solutions.
The so-called expansion valve was Danfoss' very first product and was developed in the 1930s by Mads Clausen, the founder of Danfoss. The product was launched in the market in 1933, and the fifth generation of the valve is sold worldwide, helping to ensure fresh food and cooling of buildings in various refrigeration and air conditioning systems. Danfoss is today one of the world's leading manufacturers of expansion valves.
The merger clearly benefits both sides, as the agreement will “position Danfoss for even stronger performance in the industries we serve" according to Kim Fausing, President & CEO of Danfoss.
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