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Cummins to acquire electric and hybrid powertrain provider

Power generation products manufacturer Cummins Inc. said it would acquire Efficient Drivetrains Inc., or EDI, a developer of powertrain systems for plug-in hybrid electric vehicles.

Cummins expects the addition of EDI's fully electric and four-mode hybrid technology to broaden its electrification expertise and products.

"EDI's advanced portfolio of plug-in-hybrid and full electric technologies paired with Cummins' industry leadership and focus on innovation will allow us to deliver best-in-class products, service and support worldwide," EDI chairman and CEO Joerg Ferchau said. "Together, we can lead the electrification category, and provide exciting new options that the market will embrace."

The transaction is expected to close in the third quarter, subject to the satisfaction of customary closing conditions. Financial terms were not disclosed.