Altra Industrial Motion Corp. closed on the acquisition of the Stromag business from GKN plc. Stromag generated approximately 131 million euros in revenue in 2015.
“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. “We are excited to welcome the more than 700 Stromag employees to the Altra family.”
The acquisition cost for Altra, manufacturer and marketer of electromechanical power transmission and motion control products, is the assumption of debt of approximately 14 million euros and a cash consideration of approximately 184 million euros.
