Roundup: 6 acquisitions to revisit from Q1 2024

The first quarter of 2024 saw several acquisitions of note. Here is a recap of six key acquisitions you might have missed.

January

Palmer Johnson Acquires Continental Engines

Palmer Johnson Enterprises announced its acquisition of diesel engine and generator distributor Continental Engines. Palmer Johnson, which is an off-highway sales and service organization based in Madison, Wis., said it acquired Greenville, S.C.-based Continental as part of its nationwide expansion efforts. Continental operates throughout the East Coast of the United States. The acquisition was also a bid to diversify within the off-highway equipment industry, Palmer Johnson said.

February

Volvo Finalizes Proterra Acquisition

In November 2023, Power Progress reported that Volvo Group was the winning bidder in an auction for the business and access of Proterra, Burlingame, Calif., which last August filed for Chapter 11 bankruptcy protection in the U.S. In February, Volvo announced it had finalized that acquisition. According to Volvo, the purchase price was US$210 million.

The acquisition includes Proterra’s facilities in California and South Carolina.

In a related story, Sweden’s Volta Trucks, which declared bankruptcy last October in the wake of Proterra’s bankruptcy filing, recently announced it would be restarting electric truck assembly at the Steyr Automotive plant in Austria.

Danfoss Drives Acquires Converter Technology, Team

As part of plans to scale up its energy storage portfolio, Danfoss Drives acquired the ACE300 1,500V DC converter technology from Ampner Oy, a Finnish company with products and services for connecting renewable energy sources to the grid. Danfoss said the product — and related product team — would become a part of its Electrification Solutions.

The acquisition joins Danfoss’ existing electrification solutions, including Power-to-X, smart grids and energy storage, fast charging and electrification of ports and vessels.

Titan International Acquires Carlstar Group

At the end of February, off-highway wheel and tire maker Titan International closed on a $296 million acquisition of Franklin, Tenn.-based Carlstar Group. Carlstar is a global manufacturer and distributor of specialty tires for a variety of markets.

The acquisition, which Titan said would bring new customer relationships across multiple channels, added three U.S. manufacturing plants and one Chinese plant to Titan’s footprint. It also brings Titan 12 distribution facilities throughout North America and Europe. According to Titan, the acquisition creates what it believes is “the largest pure play specialty tire manufacturer covering commercial and consumer end markets.”

March

Poclain Acquires Moteg

Two years after acquiring Slovenia’s Emsiso and France’s Samsys, Poclain said it had acquired a controlling stake of German electric motor manufacturer Moteg. Poclain, which is a maker of hydrostatic and electrohydraulic transmissions based in Verberie, France, said the acquisition will enhance its ability to design and manufacture electro-mobility solutions to address environmental concerns.

Founded in 2014, Moteg specializes in smart drive systems for the electrification of commercial vehicles and equipment.

Vanair Acquires Grip Idle Management

Mobile power company Vanair Manufacturing, Michigan City, Ind., announced it had acquired Grip Idle Management of Ontario, Canada. Now known as EPEQ Idle Management by Vanair, the company makes patented, advanced vehicle engine idle reduction technology, Vanair said. Among other things, Vanair said it would integrate this technology into many of its vehicle solutions for a broader offering of products and features. It will also enhance the existing features of Vanair’s EPEQ IM cab climate control systems.

Power Progress also reported that Vanair is expanding its manufacturing footprint in Michigan City. The expansion will add 100,000 sq. ft. and will allow Vanair “to meet the increasing demand for our products,” said CEO Ralph Kokot.