FEV Expands Expertise and Capacity in Power Electronics by Acquiring paragon electrodrive’s Aachen Site
Aachen, Germany, March 2022 – As part of its continuous portfolio expansion in the field of electrification, engineering provider FEV has taken another important step and acquired the Aachen site of paragon electrodrive GmbH. The aim of the transaction is to expand the know-how and testing capacities in the field of power electronics, electric motors and complete e-drives. FEV is retaining all employees at the site.
At FEV, the field of electrification covers the holistic development of all components for the electric powertrain from the concept phase to series production: battery, e-motor, and power electronics. FEV has built up the according competencies over many years as a globally leading service provider in vehicle and powertrain development. FEV has extensive experience in testing for e-drives, operates its own test field with more than 20 test benches, and also has its own e-drive solutions (EDU - Electric Drive Unit) in its portfolio. In addition, among other activities the company is a turnkey partner for the development of an inverter and e-motor family for a major German supplier in the off-road sector. With FEV Software and Testing Solutions GmbH, the FEV Group also has an in-house partner for the development and setup of test benches and automation software.
Currently, more than 1,200 FEV employees work in the field of electrification. In addition to organic growth, the company's continuous expansion course is complemented by appropriate M&A targets . With the acquisition of the Aachen site of paragon electrodrive GmbH, FEV is taking the next resolute step.
20 years of experience in electrification
"Electromobility is the key future topic of the automotive industry. The FEV Group has more than 20 years of experience in the development of electrified drives for series production. With this acquisition, we are further strengthening our portfolio in this area,” said Dr. Michael Stapelbroek, Vice President Electronics & Electrification, FEV Europe GmbH. "We have already been able to get to know and value our new colleagues as part of a joint project between paragon and FEV: they have also been working in the field of power electronics for more than two decades and therefore have valuable technological expertise to help us achieve our ambitious growth targets."
Know-how and network expansion
As the central control unit, the power electronics are the heart of the electric powertrain. FEV's portfolio ranges from innovation projects in the passenger car segment to customized applications in the heavy-duty, off-road and racing sectors. With this acquisition, the FEV Group is expanding its know-how and testing capacities in this important field.
The acquisition is based on a good business relationship between paragon and FEV, which is expected to continue in the future. Dr. Christian Carstensen, head of the acquired paragon site in Aachen: "Under the umbrella of FEV, we benefit from strong technical teams as well as an efficient sales structure that is very close to the customer. This allows us to fully focus on the development of innovative e-drive systems. This is a perfect fit for us."
In addition, FEV has a large test field infrastructure. With eDLP the company operates the world's largest development and testing center for high-voltage batteries and other electronic components for passenger cars and commercial vehicles and is setting new standards in the development of electrified mobility solutions since the facility’s opening in September 2020, in Brehna, Saxony-Anhalt, Germany.
paragon electrodrive GmbH is a subsidiary of the listed company paragon GmbH & Co. KGaA. paragon GmbH & Co. KGaA develops, produces and distributes forward-looking solutions in the field of automotive electronics, body kinematics and electromobility. The portfolio of the market-leading direct supplier to the automotive industry includes innovative air quality management, modern display systems and connectivity solutions as well as high-end acoustic systems in the electronics segment. In the mechanics segment, paragon develops and produces active mobile aerodynamic systems. In the fast-growing automotive market for battery systems, paragon now operates independently with its power business unit following the sale of its Voltabox investment. In addition to its headquarters in Delbrück (North Rhine-Westphalia), paragon GmbH & Co. KGaA and its subsidiaries have sites in Suhl (Thuringia), Landsberg am Lech and Nuremberg (Bavaria), St. Georgen (Baden-Württemberg), Limbach (Saarland), Kunshan (China), Bengaluru (India) and Oroslavje (Croatia).
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