Altra Industrial Motion Corp, a global manufacturer and marketer of electromechanical power transmission and motion control products, today announced that on December 30, 2016 it closed on the acquisition of the Stromag business from GKN plc. Stromag generated approximately 131 million euros 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 totaling approximately 14 million euros and a cash consideration of approximately 184 million euros and is subject to normal adjustments related to working capital and other reconciling items.
“Stromag provides Altra with complementary products, increased presence in key geographic regions and penetration into new growth end markets,” said Carl Christenson, Chairman and CEO of Altra. “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.”
Altra Industrial Motion
www.altramotion.com
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