JINAN, Jan. 15 (Xinhua) -- Weichai Power Co., Ltd., a leading Chinese powertrain producer, signed agreements with Germany's ARADEX AG and Austria's VDS Holding GmbH Wednesday in Jinan, east China's Shandong Province.
Weichai Power acquired an 80 percent stake of ARADEX AG and planned to acquire a 51 percent stake of VDS, making Weichai Power the controlling shareholder of the two companies, according to the agreements.
Tan Xuguang, chairman of Weichai Power, said the two acquisitions will effectively improve China's key technical weaknesses related to the electric motor control systems of new energy powertrains and CVT powertrain systems of agricultural equipment.
Following the acquisition of stakes in Ballard Power Systems, a Canadian provider of clean energy products and British solid oxide fuel cell maker Ceres Power, Weichai Power's investment in ARADEX is another international strategic attempt in the field of new energy powertrain systems, according to the company.
Founded in 1989, ARADEX focuses on the research and development of electric motors, control systems and energy storage for industry and transportation.
VDS is a technology development company specializing in powertrain systems for vehicles.
A single purchase
