It has been announced by Altra Industrial Motion, that on 30th December 2016 it successfully completed the acquisition of the Stromag business from GKN.
Stromag generated approximately €131m in revenue in 2015, and the acquisition is anticipated to be accretive to Altra’s earnings in 2017, excluding any one-time or acquisition-related costs.
The acquisition cost comprised the assumption of debt totalling approximately €14m and a cash consideration of approximately €184m and is subject to normal adjustments related to working capital and other reconciling items.
Carl Christenson, Chairman and CEO of Altra, said: “Stromag provides Altra with complementary products, increased presence in key geographic regions and penetration into new growth end markets.”
Christenson added: “It has a strong reputation, and its highly engineered clutches, brakes, torsional couplings and limit switches serve as excellent product extensions for Altra. We are excited to welcome the more than 700 Stromag employees to the Altra family.”
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