U.K.-based industrial engineering group Clyde Blowers has signed an agreement to acquire wind gear manufacturer Moventas Wind Ltd. and industrial gear manufacturer Moventas Santasalo Ltd.
The business has been acquired for 100 million euros, and has been solely financed by equity investment.
Clyde Blowers' interests cover a wide range of industrial engineering activities in the power (including renewable energy, conventional and nuclear), oil and gas, mining and minerals, rail and other industrial markets.
Clyde Blowers carries out activities across the world, with a particular focus on growing its activities in fast-developing regions such as India, China and South America. Clyde Blowers is also the parent company of David Brown Gear Systems, which manufactures industrial gear and drive systems for various industries.
A new long-term ownership solution had been sought for Moventas companies since June, when, after prolonged financing negotiations, holding company Moventas Ltd. filed for bankruptcy and its operative subsidiaries applied for corporate restructuring. As part of its corporate restructuring, Moventas is now exploring the possibilities of reorganizing its production in Finland.
Moventas says the objective is to close the acquisition before year-end.