AUBURN HILLS, Mich. (AP) -- Auto supplier BorgWarner Inc. said on Friday that it has signed a deal to buy the traction systems division of Haldex Group for $205 million.
BorgWarner said buying the division of Stockholm-based Haldex would accelerate its growth in all-wheel drive parts as it continues to shift toward front-wheel drive vehicles. The division has a strong European customer base, BorgWarner said.
The deal is expected to close in the first quarter of 2011.
BorgWarner shares rose 7 cents to $70.83 in morning trading.
BorgWarner said buying the division of Stockholm-based Haldex would accelerate its growth in all-wheel drive parts as it continues to shift toward front-wheel drive vehicles. The division has a strong European customer base, BorgWarner said.
The deal is expected to close in the first quarter of 2011.
BorgWarner shares rose 7 cents to $70.83 in morning trading.
