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Siemens buys Ballard`s EV drives business

15 January, 2007

Siemens is buying Ballard Power Systems` electric vehicle drives business, based in Michigan in the US. The business, which develops and manufactures electric drive technology for fuel cell vehicles, will join Siemens` VDO Automotive group and serve as the group`s North American centre of expertise for power electronics, motor design, and electric drive systems for hybrid electric and fuel cell vehicle applications.

Siemens is paying Ballard about $4m for the business, which employs around 80 specialised personnel. The deal will save Ballard about $10m a year in running costs and allow it to concentrate on its core business of developing fuel cells.

According to Siemens VDO group vice-president Dr Klaus Eggar, the acquisition "will place us in a better position to capitalise on new business opportunities in the $14bn (by 2015) global hybrid electric vehicle market".

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