Saietta has acquired e-Traction Europe from Evergrande New Energy Vehicle Group. e-Traction is a Dutch supplier of electric powertrains for trucks and buses and power electronics.
According to the Saietta Group, the acquisition is intended to drive its own growth strategy. The purchase price is not mentioned in the announcement.
Saietta plans to take on all of e-Traction’s employees and also retain its site in Apeldoorn, the Netherlands.
e-Traction CEO Steven Hsieh will also stay on board and will be responsible for the Asian business as Saietta board member. Hsieh himself is not mentioned in the announcement by the new owner.
But e-Traction CFO Edgar Ooijman is quoted as saying:
Chinese real estate conglomerate Evergrande Group had famously built up its electric car division Evergrande New Energy Vehicle in recent years with a lot of money and numerous acquisitions. At the beginning of 2019, Evergrande had joined Saab’s successor company NEVS as the main owner.