30th Sep 2011 10:38
NEWS RELEASEGKN plc30 September 2011
GKN completes acquisition of Getrag's Driveline Products Business
GKN plc confirms that the acquisition of Getrag's Driveline Products Business (comprising Getrag Corporation based in the United States and Getrag All Wheel Drive AB based in Sweden), announced on 28 July 2011, completed today.
Getrag Driveline Products, which will be integrated into GKN Driveline, is an excellent fit with GKN's existing range of products and technology. With operations in the United States and Europe, Getrag Driveline Products has a product, manufacturing and customer footprint that is complementary to GKN's own all-wheel-drive (AWD) product business, which is predominantly based in Asia. The combined business is the leading global player in AWD driveline products with an excellent customer base and product portfolio.
In addition, GKN is also acquiring an exclusive licence, principally for Europe and the Americas, to Getrag's electric drivetrain technology for use in electric and certain hybrid vehicles making GKN a leading player in eDrive solutions.
GKN welcomes the entire Getrag Driveline Products' team into the GKN family and we look forward to an exciting future combining our world class capabilities.
Further Enquiries
Guy Stainer
Director, Investor Relations and External Communications
GKN plcT: +44 (0)207 463 2382M: +44 (0)7739 778 187E: [email protected] to Editors
GKN plc is a global engineering business serving the automotive, aerospace and land systems markets. It has operations in more than 30 countries, around 40,000 employees in subsidiaries and joint ventures and had sales of £5.4 billion in the year ended 31 December 2010. GKN plc is listed on the London Stock Exchange .
Cautionary Statement
This announcement contains forward looking statements which are made in good faith based on the information available at the time of its approval. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a number of risks and uncertainties that are inherent in any forward looking statementwhich could cause actual results to differ materially from those currently anticipated.
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