German braking technology company, Knorr-Bremse, has finalised the acquisition of commercial vehicle steering business Integral Power Steering (IPS) from Hitachi Automotive Systems.
The acquisition was subject to anti- trust clearance which have now been met.
“Knorr-Bremse has global experience with commercial vehicles in the fields of vehicle dynamics, driver assistance systems and the main related actuators, which means brakes and steering,” said Dr Peter Laier, Member of the Executive Board of Knorr-Bremse responsible for the Commercial Vehicle Systems division.
“The take-over of the commercial vehicle steering business from Hitachi Automotive will expand Knorr-Bremse’s steering system portfolio and further enhance Knorr-Bremse’s future potential as a global supplier for driver assistance and highly automated driving solutions,” he said.
With this transaction, Knorr-Bremse is setting a further milestone to become a global supplier for CVS steering systems for RCB (recirculating ball) and TOS (torque overlay steering). In addition, Knorr-Bremse takes a further step towards supplying its customers with highly integrated systems, as well as new functionalities in the field of driver assistance and automated driving. Furthermore, Knorr-Bremse will gain a better access to the Japanese and the Southeast Asian market and will have the opportunity to also provide further products of the business segment for commercial vehicles in these regions.
The acquisition was first announced December 2018.