Fuel systems, electrical systems and aftermarket solutions specialist Phinia Inc. has completed the acquisition of Swedish Electromagnet Invest AB (SEM).
With over 100 years of industrial heritage, SEM brings deep expertise in advanced ignition technologies for both on- and off-road commercial and industrial engines, Phinia said in a media release.
SEM specializes in advanced ignition systems for natural gas, hydrogen, and other alternative fuels, along with injector stators and linear position sensors tailored for both on- and off-highway commercial vehicles and industrial markets. Additionally, SEM offers ignition and fuel injection solutions designed for the professional handheld equipment sector, Phinia noted.
The acquisition is in line with the company’s strategy to invest in alternative fuel technologies that offer enhanced sustainability and unlock new opportunities in key markets, Phinia said.
Brady Ericson, President and Chief Executive Officer of Phinia, said, “By combining Phinia’s expertise in engine management systems with SEM’s deep knowledge of advanced ignition technologies, we expect to create a powerful platform for innovation and efficiency. Together, we’ll unlock new opportunities in the commercial vehicle and industrial markets. We see tremendous potential to scale our combined offerings across a global customer base, integrate our electronics and systems capabilities, and deliver even greater value for our customers and shareholders”.
In June, Phinia agreed to pay $47 million (452 million Swedish krona) to acquire all the outstanding shares of SEM.
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