Cummins announced today that it is acquiring Meritor in a deal worth about $3.7 billion dollars.

The Columbus-based engine manufacturer said that Meritor is a global leader of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets. Cummins will pay $36.50 for every Meritor share.

Cummins Chairman and CEO Tom Linebarger said the Meritor strengths will help Cummins develop economically viable zero carbon solutions.

“In addition, our communities and our planet depend on companies like Cummins to invest in and develop these solutions,” Linebarger added. “This acquisition adds products to our components business that are independent of powertrain technology, and by leveraging our global footprint we expect to accelerate the growth in Meritor’s core axle and brake businesses. There is also a compelling financial case for this acquisition, with significant synergies expected in SG&A, supply chain operations and facilities optimization.”

Meritor’s history goes back more than 110 years and the company is based in Troy, Michigan. The company has more than 9,600 employees.

In 2000, Meritor merged with Columbus-based Arvin Industries to form ArvinMeritor. Although billed as a merger of equals, the company began folding its Columbus operations, closing plants and facilities. 11 years later, the company dropped Arvin from the company name. Former Arvin facilities include the current Bartholomew Consolidated School Board headquarters building on Central Avenue, the Doug Otto United Way Center on 13th Street, factory space on 17th Street, as well as the plant on Gladstone operated by Faurecia.

You can read more about the Cummins/Meritor news here.

You can read more about the history of Arvin Industries here.