Altra Industrial Finalizes Purchase of Clutches and Brakes Maker
Altra is paying approximately EUR184 million in cash and assuming EUR14 million in debt for Stromag, which makes clutches, magnetic brakes, flexible couplings, limit switches and friction discs.
"The acquisition of Stromag will provide Altra with complementary products, greater presence in key geographic regions, and penetration into new growth end markets,"
Carl Christenson, Altra's chairman and chief executive said in a statement.
"Stromag possesses a very strong brand reputation, and its highly engineered (products) 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."
Stromag generated approximately EUR131 million in revenue in 2015, according to Altra. The business is headquartered in
Germany and has operations in France, the U.S., the U.K., Brazil, India and China.