Knorr-Bremse has completed its $149.5mn acquisition of Pennsylvania-based steering systems maker, RH Sheppard.
The acquisition opens up the North American commercial vehicles market for Knorr-Bremse. The German commercial vehicle parts supplier’s acquisition of Hitachi’s steering business in 2019 helped it expand in Japan, and its recent joint venture with Dongfeng has given it entry into the Chinese market.
Under the latest acquisition, Knorr-Bremse, through its subsidiary Bendix Commercial Vehicle Systems, will hold the majority stake in Sheppard, which includes its manufacturing facilities, branded products, and its stake in joint ventures that are related to supply and manufacturing of steerings, Knorr-Bremse said in a statement.
Sheppard’s sales last year stood at around $142mn, while Knorr-Bremse’s combined revenue from its braking components and rail and commercial systems businesses was reported at €6.9bn ($7.7bn) in 2019.