According to reports, BrogWarner has decided to invest a whopping $10 million in automotive related ventures in expand the company’s current product portfolio.
Talking about the investment, BrogWarner’s Chief Strategy Officer Brady Ericson said, “While we remain focused on providing industry-leading propulsion technologies, we expect this partnership to provide global access to new technologies and services, inside and outside of our core product strengths. As with all of our recent investments, this contributes to our larger strategy to maintain a product portfolio that supports a cleaner, more energy-efficient world.”
As the automotive industry continue to evolve towards eco-friendly options, the recent announcement confirms its stance regarding the future of the industry. President and Chief Executive officer of BrogWarner James Verrier said, “Over the last year and a half, we have taken great strides in the evolution of our company. In 2015, we acquired a leading electrical components maker in Remy, strengthening our position in electrified technologies. We earned a number of hybrid and electric customer contracts in 2016 and this continues in 2017, while commercialising new technologies, including our eBooster electrically driven compressor and eGearDrive transmission. All of these advancements are helping us develop the future of clean, efficient propulsion technologies.”
In addition to the investment towards the automotive market, the company will also invest in several start-ups.