Siemens VDO Completes Acquisition of Ballard Systems' Electric Drive Business.DEARBORN, Mich. -- Siemens VDO VDO (Vereinigte DEUTA (Deutsche Tachometerwerke GmbH) OTA (OTA Apparate GmbH)) is a manufacturer of information and cockpit systems, navigation, telematics, communication and audio systems and control and fuel systems. Automotive Corporation today officially completed the acquisition of Ballard Power Systems Ballard Power Systems (TSX: BLD, NASDAQ: BLDP), located in Burnaby, British Columbia -- a suburb of Vancouver -- is a company that designs, develops, and manufactures zero emission proton-exchange-membrane fuel cells. Inc.'s Electric Drive Business located in Dearborn, Mich., solidifying the company's long term commitment to the hybrid electric vehicle A hybrid electric vehicle (HEV) is a vehicle which combines a conventional propulsion system with an on-board rechargeable energy storage system (RESS) to achieve better fuel economy than a conventional vehicle without being hampered by range from a charging unit like an market and further electrification e·lec·tri·fy tr.v. e·lec·tri·fied, e·lec·tri·fy·ing, e·lec·tri·fies 1. To produce electric charge on or in (a conductor). 2. a. of the powertrain. "This is a great day for Siemens VDO, as the Ballard Electric Drive acquisition is representative of Siemens VDO's strategy for growing our core competencies in alternative powertrain areas, such as hybrid electronics," said Siemens VDO President and Chief Executive Officer John Sanderson Lieutenant-General John Murray Sanderson, AC (born November 1940) is the former Governor of Western Australia. Born in Geraldton, Western Australia in November 1940, John Sanderson completed his secondary education at Bunbury High School in 1957 before entering the Royal . "By becoming part of Siemens VDO, a recognized world leader in automotive electronics, Ballard and its valuable, highly-skilled employees will be in a position to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. new business opportunities in the $14 billion (by 2015) global hybrid market." The Ballard Power System Corp. Dearborn-based employees will join Siemens VDO's Powertrain Electronics and Drivetrain division. The Dearborn location will serve as the organization's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. center of expertise for the advancement of power electronics, motor design and electrical drive systems for hybrid and fuel cell applications. "We are very excited to welcome the Ballard Power Systems Corp. team of employees to the Siemens VDO family," said Sanderson during his first official visit to the Ballard Dearborn office. "We look forward to merging their skills and expertise into a stronger operation for the future." With the acquisition, Siemens VDO now has complete access to the 66,000 square foot research, development and manufacturing operation in Dearborn and will be integrating approximately 80 highly specialized personnel into the organization. The manufacturing capabilities, technical expertise and highly skilled workforce at Ballard will elevate Siemens VDO's North American hybrid business to a new dimension in automotive electronics. As a subsidiary of Siemens VDO, the Dearborn operation will help the company gain access to a broader range of new business opportunities within the global hybrid electric drives market. The acquisition also demonstrates Siemens VDO's commitment to helping the United States reduce its dependency on foreign oil, as well as to reinforce the company's commitment to sustainability through its own practices, while also helping customers address their own sustainability needs. Siemens VDO is a leading international automotive electronics and mechatronic supplier. The group is part of Siemens AG (NYSE NYSE See: New York Stock Exchange :SI) and generated sales of $12.120 billion (EU10.017 billion) in the 2006 business year (ending Sept. 30). |
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