GKN wants to take over Stromag

GKN - Land Systems (based in Worcestershire - United Kingdom) today July 18, 2011 informs its shareholders that GKN is to take over Stromag Holding GmbH and that the purchase contract has been signed. It is planned for the business takeover to be completed in September 2011 subsequent to approval by the competition authorities.

Gerard Lavery, CEO of GKN-Land Systems, views the takeover of Stromag as being a strategic extension for the central markets: Wind energy systems, cranes, gears, agricultural machinery, diesel engines & units, electrical engines and the metals industry. On signing the contract, Lavery said:"With Stromag we are pleased to have found a technically strong and profitable company with which we are able to continue the successful development of our company over the long term."

Dr. Jürgen Onasch, Norbert Grosser and Dr. Robert Rank followed up by saying: "The Stromag Group is positioned extremely well in its relevant markets and has superb employees. Its high quality products are valued internationally. We are convinced that in the course of its expansion into new areas of application and regions, "GKN ? Stromag" will be a strong and valuable partner within GKN."

The GKN Group is a British stock company listed on the London stock exchange reaching far back to 1759. Main fields of activity: aviation, automotive engineering, agricultural engineering and construction machinery, spare parts business and service. Worldwide the company engages approx. 40.000 employees in more than 30 countries, thereof approx. 7.000 employees in Germany.

GKN-Land Systems intends to use Stromag as an industrial platform so they can together develop its market position in the stated target markets.

GKN Land Systems