Sevcon, Inc. of Southborough has acquired the remaining 50 percent equity interest in a Chinese joint venture for $5 million, allowing Sevcon to capitalize on opportunities in China, a rapidly growing market for two- and four-wheel electric vehicles.
Sevcon, which manufactures batteries and controls for electric and hybrid vehicles, announced Thursday it acquired Xuchang Fuhua Glass Co. Ltd’s entire 50 percent equity interest in Sevcon New Energy Technology Co., Ltd. The acquisition makes the company a Sevcon wholly-owned foreign entity.
Sevcon will reimburse Fuhua Glass for no more than $1.2 million in taxes paid relating to the equity transfer, as well as some ancillary fees.
