SED.L Share News (SED)

(Sharecast News) - Motor design and manufacturing organisation Saietta Group said on Thursday that it had agreed to acquire e-Traction Europe from the Evergrande New Energy Automotive Group.
Saietta stated it had acquired 100% of the Netherlands-based electric drive train manufacturer from China's Evergrande for a total consideration of up to €2.0m, funded from existing resources.

The AIM-listed firm said the transaction had delivered an acceleration of both its commercial and technical growth plans, with the move speeding up the deployment of its AFT technology into the HGV and commercial vehicle markets and providing immediate access to the electric commercial passenger vehicle market.

Saietta also noted that the addition of Evergrande to the group had also brought it an existing and growing order book with a range of industrial customers.

Chief executive Wicher Kist said: "This acquisition will allow Saietta to accelerate its business plan by several years adding not just commercial and technical capability but also extending our IP portfolio and acquiring an operational power electronics production facility.

"Saietta is determined to build up manufacturing capacity in the UK and Europe and the opportunity to bring production of commercial vehicle e-drive trains back from China to these jurisdictions is very exciting."

As of 1020 GMT, Saietta shares were up 2.50% at 205.0p.