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Slide #64. Altra Holdings Inc. — Svendborg Brakes A/S and S.B. Patent Holding ApS
Altra Holdings Inc. (NASDAQ:AIMC)
Svendborg Brakes A/S and S.B. Patent Holding ApS
Altra Holdings Inc. announced that it has signed a definitive agreement to acquire the shares of Svendborg Brakes A/S and S.B. Patent Holding ApS (together "Svendborg") for a cash consideration of 80.1 million Euros, less the cash remaining on the balance sheet at close, which is payable upon completion of the acquisition. Altra intends to finance the transaction through a combination of European cash and additional borrowings under its credit agreement. The finalization of the transaction is subject to customary closing conditions, including receipt of required regulatory approvals, and is expected to take place during the fourth quarter of 2013. The acquisition is anticipated to be accretive to Altra Holdings' earnings in 2014 in the range of $0.10 to $0.15 per diluted share, excluding any one-time or acquisition-related costs.
Altra Industrial Motion designs, produces and markets electromechanical power transmission motion control products. Co.'s technologies are used in various motion related applications and across a variety of manufacturing and non-manufacturing processes. Co.'s segments include: Power Transmission Technologies, which provides various coupling products, clutches, brakes, electromagnetic clutches and brakes, and gears; and Automation and Specialty, which provides rotary precision motion solutions, miniature motors and motion control products, systems that enable and support the transition of rotary motion to linear motion, and diesel engine brake systems and valve actuation mechanisms.
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Buy (3.33 out of 4)