Globe & Mail 08:49 AM EDT, 07/07/2022 (MT Newswires) -- BRP Inc. (TSX: DOO and NASDAQ: DOOO) on Thursday said it has entered into a definitive agreement to acquire Great Wall Motor Austria GmbH, a subsidiary of China's Great Wall Motor.
The Austrian company has an electric vehicle R&D center in Kottingbrunn, specializing in e-drive systems and transmissions. Located near Vienna, this R&D hub is "ideally situated" to attract top talent from nearby universities and research centers. The center employs 53 engineers, technicians and professionals, who will join the Canadian vehicle manufacturer.
"This acquisition will further strengthen our know-how in e-motor, inverter hardware and software development," said Thomas Uhr, Chief Technology Officer of BRP.
BRP didn't disclose any financial details of the acquisition. It expects to close the transaction by the end of the second quarter of this fiscal year, subject to customary closing conditions and receipt of regulatory approvals.