BOSCH TAKES FULL CONTROL OF EM-MOTIVE
Bosch is taking full control of EM-motive, a manufacturer of electric motors. Bosch and Daimler set up EM-motive GmbH as a fifty-fifty joint venture in 2011. Since then, it has manufactured some 450,000 electric motors.
At Robert Bosch they explain that right from the establishment of the joint venture, Bosch secured an option to acquire the shares. A complete takeover was thus already an option in the joint venture agreement. “The company’s electric motors already feature in vehicles made by Daimler, Porsche, Fiat, Volvo, Peugeot, and StreetScooter, among others. With this move, Bosch intends to acquire new customers in the rapidly growing global market”, says Dr. Mathias Pillin, the member of the Powertrain Solutions executive management and responsible for the electric-vehicle market segment.
The two parties have agreed not to disclose the purchase price or any further details of the acquisition of the shares. The agreement is subject to approval by the antitrust authorities. The EM-motive joint venture was set up to make it economical for the two partners to enter electric-motor manufacturing. The change in ownership structure will not have any immediate effect on the roughly 340 EM-motive associates currently working at the locations in Stuttgart and Hildesheim, Germany.
“For Bosch, the complete acquisition of EM-motive is the next logical step on the path to becoming the market leader for electromobility. It’s a chance to establish an even broader presence in the market”, says Dr. Stefan Hartung, member of the board of management of Robert Bosch GmbH and chairman of its Mobility Solutions business sector.