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Home arrow Alliances and Joint Ventures arrow GKN plc to acquire Stromag Holding GmbH, including India operations
GKN plc to acquire Stromag Holding GmbH, including India operations Print E-mail
Written by Vivek   
Saturday, 06 August 2011
Pune: GKN plc has signed an agreement to acquire Stromag Holding GmbH from Equita Holding GmbH. The acquisition costs are comprised of a cash consideration of €164 million for the equity and repayment of debt of €31 million.

Stromag's global operations in Germany, France, the United States, Brazil, India and China will be incorporated into GKN's Land Systems division. Stromag India Private Limited' facility in Pune offers disc brakes for wind energy applications, hydraulic multi disc brakes for off road vehicle applications and industrial braking solutions.

Stromag India facilities include Manufacturing and testing lines for rotor & yaw brakes for Wind Turbines, Manufacturing and testing line for multidisc brakes /clutches for off road vehicles & other segments, Manufacturing of industrial braking solutions. It commenced manufacturing operations in end 2008. The facilities are comparable to similar operations in Europe.

GKN is a global engineering group with design and manufacturing capabilities in the automotive, powder metallurgy, land systems and aerospace sectors.

Based in Unna, Germany, Stromag is a privately-held engineer of industrial power management components, including hydraulic clutches, electro-magnetic brakes and flexible couplings. The company's solutions are utilized by the agricultural, construction, mining, renewable energy and metal processing industries, amongst others.

"The acquisition of Stromag is an important step in the implementation of the GKN Land Systems' strategy to build a global leader in Industrial Power Management, extending our capability in electro mechanical components. In combination with our existing business, it will provide a strong platform to accelerate growth in existing markets, together with access to a number of attractive new industrial segments including renewable energy," said Andy Reynolds Smith, Executive Director, GKN plc.

The transaction was announced on July 17, 2011 and is expected to close in September of this year, subject to customary conditions and regulatory approvals.

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