Danfoss completes UQM acquisition

LONGMONT  — Danish alternative power company Danfoss A/S has closed its $100 million acquisition of UQM Technologies Inc. (NYSE American: UQM).

The Longmont-based electric motor company first announced the deal in January as a strategic move to compete with larger companies producing motors, and give Danfoss a North American plant to operate out of in the electric segment.

UQM stocks were delisted from the NYSE American exchange for small-cap companies Friday morning at $1.71 per share, the agreed-upon price for shares when the deal was announced earlier this year.

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“The next chapter for UQM is about to begin, but we couldn’t have made it here without the steadfast, longstanding support of our customers, employees, and shareholders,” said UQM president and CEO Joseph Mitchell in a prepared statement. 

Federal regulators gave their blessing to the acquisition last week.

UQM in January reported having about 90 employees in its plant.