Altra Industrial Motion Corp, a global manufacturer and marketer of electromechanical power transmission and motion control products, has closed the deal on the acquisition of the Stromag business from GKN plc.
Stromag generated around € 131 million (US$140m) in revenue in 2015. The acquisition cost included taking on debt totalling approximately € 14m (US$15m) and a cash consideration of approximately € 184m (US$197m).
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.
“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.”