Manufacturing group disposes of German subsidiary in £177m deal

WEST Midlands engineering group GKN has sold a German subsidiary in a deal worth almost £177m.The announcement comes just five years after the Redditch-based group purchased Stromag Holdings in an undisclosed deal.GKN has sold the business, which it had integrated into its Land Systems division, to US-based Altra Industrial Motion.The deal is for €184m (£164m) in cash and the transfer of debt-like obligations of approximately €14m (£13m); representing a total value of €198m…

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