Altra Industrial Motion Corp.NASDAQ
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  • Fri, Oct. 21, 8:48 AM
    • Altra Industrial Motion (NASDAQ:AIMC) announces that it intends to acquire the Stromag business from GKN plc (OTC:GKNCF). Stromag generated approximately 131M euros in revenue in 2015, and the acquisition is anticipated to be accretive to Altra’s earnings in 2017.
    • The acquisition cost comprises the assumption of debt totaling approximately 14M euros and a cash consideration, payable at closing, of approximately 184M euros.
    • “The acquisition of Stromag will provide Altra with complementary products, greater presence in key geographic regions, and penetration into new growth end markets,” said Carl Christenson, Altra’s Chairman and CEO. “Stromag possesses a very strong brand reputation and its highly engineered clutches, brakes, torsional couplings and limit switches serve as excellent product extensions for Altra. We see outstanding opportunities for our two sales forces to cross sell products into new markets and we are excited to utilize Stromag’s resources to further expand Altra’s global customer coverage.”
    • “The combination also provides compelling opportunities to leverage cost synergies through Altra’s supply chain and Operational Excellence programs.”
    • Stromag's core products include an array of clutches and brakes, flexible couplings, limit switches and friction discs.  Stromag serves the agricultural equipment, construction, crane & hoist, marine, metal processing, renewable energy and general industrial markets. Founded in 1932, the business is headquartered in Unna, Germany and has operations in Germany, France, the U.S., the UK, Brazil, India and China.
    • The closing of the transaction is expected to take place during the first quarter of 2017.
    • Altra will discuss the intended acquisition of Stromag during Altra’s Q3 2016 Investor Conference Call scheduled for Friday, October 21, 2016 at 10:00 a.m. ET.  877-407-8293 or 201-689-8349. for international access and asking to participate in the ALTRA conference call.
    • Source: Press Release
    | Fri, Oct. 21, 8:48 AM
  • Oct. 16, 2014, 3:17 PM
    • Timken (TKR -0.2%), Regal Beloit (RBC +0.9%) and Altra Industrial Motion (AIMC +0.6%) have made it to the second round of bidding in the auction for Emerson Electric's (EMR +2%) power transmission solutions business, Reuters reports.
    • P-E firms Warburg Pincus and Onex also are said to be in the running for the unit, which is expected to fetch $1.2B-$1.6B in a sale.
    | Oct. 16, 2014, 3:17 PM