Hero Motors buys stake in UK’s Hewland
Auto components maker Hero Motors Company on Monday said it has acquired a strategic stake in UK-based transmission design technology firm, Hewland Engineering for an undisclosed sum.
The acquisition will enable the company to create a competitive single source entity to design and manufacture high-quality transmission products, particularly in the emerging EV segment, to OEMs (original equipment manufacturers) across North America, Europe and India, Hero Motors Company (HMC) said in a statement.
Besides, it will give HMC access to Hewland's established motorsport customer base in the UK, while enabling the latter 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.
HMC Chairman and Managing Director Pankaj M Munjal said: "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 positioned to offer fullstream transmission solutions to global OEMs.”