Turbine component maker LM Wind Power Group has agreed to sell its Svendborg Brakes company to Altra Holdings Inc., a Massachusetts-headquartered supplier of power transmission and motion control products.
Under the definitive agreement, Altra Holdings will buy Svendborg Brakes for a cash consideration of EUR 80.1 million, which is payable upon completion of the acquisition. Completion is subject to receipt of German regulatory approval and is expected to take place during the fourth quarter of this year.
Svendborg Brakes was acquired in 2008 and integrated into LM Glasfiber to form the LM Wind Power Group in 2009. Founded in 1884, Svendborg is a global manufacturer of caliper brakes, offering engineered solutions to the mining and energy markets.
"Svendborg Brakes has performed well as part of the LM Wind Power Group in challenging circumstances" says LM Wind Power Group 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."