GKN Sells Stromag Business to Altra Industrial Motion Corp.
November 29, 2016—
GKN recently announced that it has agreed to sell its Stromag business (part of the GKN Land Systems division) to Altra Industrial Motion Corp. Completion of the transaction is expected to take place in the first quarter of 2017. Stromag supplies brakes, clutches and highly flexible couplings to the agricultural, construction, industrial and renewable energy markets.
Nigel Stein, chief executive of GKN, said: “I would like to thank the Stromag team for their dedication over the past five years. Stromag has been a good investment for GKN despite challenging end markets and I am confident that Altra is an excellent home for the business. Altra is well positioned to invest in the business to meet the future growth opportunities in its markets. For GKN this sale helps sharpen our focus and allows us to redeploy capital into our core aerospace and automotive businesses."