WABCO, the world's leading provider of safety, efficiency and smart interconnect technology for commercial vehicles, announced on August 24 that it has signed an agreement to acquire privately held company RH Sheppard Co., Inc. Chipa is a leading supplier of commercial vehicle technology, providing industry-leading vehicle steering capabilities and is headquartered in Hanover, Pennsylvania, USA.
The transaction is subject to regulatory approval by US regulators and is expected to be completed by the end of the third quarter of 2017. WABCO's purchase price is $145 million, which may be adjusted by convention. Chipeda’s sales in 2016 reached $130 million.
Chipaida is a major Tier 1 supplier in North America, offering a range of power steering devices that set the standard for heavy commercial vehicles and specialty vehicles. With more than 900 employees, Chipaida also offers precision engine pumps and leading remanufacturing services. At the same time, the company vertically integrates its own manufacturing and advanced casting capabilities, and WABCO expects to use it for some products.
In addition, through an existing exclusive agreement with leading steering drive control suppliers, Chipaida will provide a compact, cost-effective breakthrough technology solution that provides active steering control for North American commercial vehicle manufacturers.
Jacques Esculier, Chairman and CEO of WABCO, said: "This acquisition is another important milestone for WABCO to promote the automatic driving of commercial vehicles. We are based on basic technologies such as active steering, active braking, Electronic stability control and other advanced driver assistance systems have a clear line of sight, which will be an important step in our industry towards full autopilot.
The full dynamic control of commercial vehicles – both lateral and vertical – is essential for the gradual realization of the industry's autonomous driving vision. The acquisition of Chipaida gives us a key capability to achieve lateral control through active steering. This is the cornerstone of WABCO's leading vertical control technology for active braking, stability and suspension control.
Chipa has been using its technology to develop products specifically for use outside of North America. Chipaida has produced and sold these products through joint ventures in China and will enter other regions with WABCO's global network.
Oliver Hoar, President and CEO of Chipaida, said: "We are confident in the prospect of joining WABCO. Our leading technology will be fully integrated into the strategy of WABCO's industry leader, furthering the company in North America and around the world. Development creates opportunities."
WABCO is the world's leading provider of safety, efficiency and smart interconnect technology for commercial vehicles. With nearly 150 years of history, WABCO continues to lead the technological breakthroughs in commercial vehicle advanced driver assistance systems, brake systems, stability control systems, suspension systems, automatic transmission control systems and aerodynamic solutions. Innovation. Working with the transportation industry, WABCO aims to fully realize autonomous driving, with a unique network of trucks, trailers, cargo, drivers, business partners and fleet operators through advanced fleet management and mobility solutions. Headquartered in Brussels, Belgium, WABCO has 13,000 employees in 40 countries. Sales in 2016 were $2.8 billion.
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