GKN has announced it is to take over German engineering company Stromag for £174 million to bolster their land operations division based in Redditch.
The deal comprises £146m cash consideration for the equity of Germany-based Stromag and £28m for the repayment of debt – amounting to £174m. Stromag is a private company whose shareholders include Equita GmbH and Co Holding, KGaA and a number of other notable international organisations and individuals. The company manufactures hydraulic clutches and electro-magnetic brakes,…
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