PHINIA Inc., a leader in premium fuel systems, electrical systems, and aftermarket solutions, has announced a definitive agreement to acquire Swedish Electromagnet Invest AB $(SEM)$. The acquisition, valued at $47 million, is expected to close in the third quarter of 2025. SEM, founded in 1915, specializes in advanced natural gas, hydrogen, and alternative fuel ignition systems. The deal is set to enhance PHINIA's product portfolio by integrating SEM's ignition solutions with its own fuel system components, electronics, and software capabilities. This strategic move aligns with PHINIA's commitment to sustainability and positions the company as a key player in the transition towards alternative fuel technologies.
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