India, June 10 -- PHINIA Inc. (PHIN) has entered into a definitive agreement to acquire all of the issued and outstanding shares of Swedish Electromagnet Invest AB. SEM is a provider of advanced natural gas, hydrogen and other alternative fuel ignition systems, injector stators and linear position sensors primarily for the commercial vehicle, industrial, and off-highway markets.
PHINIA will pay $47 million for the acquisition of SEM, which is expected to generate approximately $50 million of annual revenue and approximately $10 million of annual adjusted EBITDA.
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