Indian multinational automaker giant- Hero MotoCorp (HMC) has reportedly acquired a sizable stake in British transmission design technology company- Hewland Engineering for an undisclosed sum. According to a statement by HMC, the company, through this transaction, will be able to create a competitive single source entity to design and develop superior-quality transmission products, especially in the electric vehicle segment, to OEMs across Europe, North America, and India.
In addition to the above, the agreement will give Hero access to Hewland’s wide customer base in the UK, along with allowing the latter to strengthen its product and service portfolio in the area of transmissions for electrified passenger vehicles and pursue opportunities among OEMs and Tier One suppliers.
According to Pankaj M Munjal, Chairman and Managing Director, HMC, the investment forms the part of a strategic decision to facilitate transmission in the product segment. Through the integration of Hewland’s comprehensive design and analysis capabilities, the two will be able to support high-volume manufacturing.
Munjal further added that the company is constantly investing in the UK as it has emerged as a significant hub for electric cars and cycle-based activities, as well as for the vast motorsport customer base of Hewland.
In a statement by William Hewland, Chairman at Hewland Engineering, in the last ten years the company has grown significantly in the field of transmission design, gear-train analysis and accelerated its manufacturing capabilities. Additionally, Hewland has strengthened its efficiency modeling capabilities for both internal combustion-engine vehicles and electric cars.
He further stated that the new partnership will provide a capital infusion that will help the company execute its strategic growth initiatives, along with improving its presence in the emerging electric vehicle market.
Moreover, in close alliance with Hero MotoCorp, Hewland claims to be an extremely competitive single source for complete program delivery from transmission design to high-volume car production for customers across Europe, North America, and India.
Source Credit: https://www.business-standard.com/article/automobile/hero-motors-acquires-stake-in-hewland-engineering-for-undisclosed-sum-121011800834_1.html