LM Wind Power Group announced today that it has agreed the sale of Svendborg Brakes to Altra Holdings Inc.
The definitive agreement will see US-based Altra Holdings Inc. acquire Svendborg Brakes for a cash consideration of 80.1 million Euros, which is payable upon completion of the acquisition. The transaction is structured on a debt and cash free basis. Completion is subject to receipt of German regulatory approval and is expected to take place during the fourth quarter of 2013.
Svendborg Brakes was acquired in 2008 and integrated into LM Glasfiber to form the LM Wind Power Group in 2009. Founded in 1884, Svendborg has a long history of designing and manufacturing hydraulic braking systems. Today the company is the leading global manufacturer of high-quality caliper brakes, offering engineered solutions to demanding applications in the mining and energy markets. Svendborg is the number one brand in caliper brakes and has an excellent reputation for high quality and superior engineering expertise.
Svendborg Brakes has performed well as part of the LM Wind Power Group in challenging circumstances” said CEO, Leo Schot. ‘LM Wind Power will renew its focus on the wind industry. The company has clear strategic growth plans, a strong, global manufacturing footprint which ensures it is well positioned in growth markets and new, advanced wind turbine technology, to secure its part in the rapidly growing offshore wind market,’ continued Mr. Schot.
For additional information please contact:
Vice President, Global Communications & HR,
+31 (0)20 3043704,
Manager, Global Communications,
Lene Mi Ran Kristiansen,
About LM Wind Power:
LM Wind Power Group is the world’s largest component supplier to the wind industry comprising a blades, brakes and service business and operating from or close to the major wind energy markets. LM Wind Power has produced more than 160,000 blades in the course of more than 35 years corresponding to approximately 63 GW installed wind power capacity.
About Altra Holdings Inc.:
Altra Holdings, Inc., through its subsidiaries, is a leading global designer, producer and marketer of a wide range of electromechanical power transmission products. The Company brings together strong brands covering over 40 product lines with production facilities in nine countries. Altra's leading brands include Boston Gear, Warner Electric, TB Wood's, Bauer Gear Motor, Formsprag Clutch, Wichita Clutch, Ameridrives Couplings, Kilian Manufacturing, Marland Clutch, Nuttall Gear, Stieber Clutch, Twiflex Limited, Bibby Transmissions, Matrix International, Inertia Dynamics, Huco-Dynatork, Lamiflex Couplings and Warner Linear.