LM Wind Power Sells Brakes Business To US-based Altra Holdings

LM Wind Power Group announced 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.

LM Wind Power Group
www.lmwindpower.com