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GKN to buy Getrag AWD business

GKN has confirmed it plans to acquire the all-wheel-drive (AWD) components businesses of Getrag KG, the privately held German company controlled by the Hagenmeyer family. The businesses being bought, together referred to as Getrag Driveline Products, are Getrag Corporation, a joint venture with Dana Corporation based in the USA, and Getrag All Wheel Drive AB, a joint venture with Dana Holding Corporation and Volvo Car Corporation based in Sweden.

The core business of Getrag Driveline Products is the Tier 1 supply of geared driveline products, namely power transfer units and rear drive units for AWD vehicles, along with final drive units for high performance rear wheel drive vehicles. Current activities also target the future supply of transmission and axle products for hybrid and electric vehicle drivetrains.

Nigel Stein, CEO of GKN Driveline said: "This acquisition is a significant step forward for us, accelerating our strategy for growth in AWD systems and hybrid/electric drivetrains. Production of AWD vehicles is forecast to grow at above market rates reflecting increasing demand globally for crossover vehicles and compact SUVs. Combining our engineering and technology resources will strengthen our ability to provide customers with leading-edge technology, fuel-efficient solutions and to develop next generation drivelines.”

As part of the overall transaction, 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.

The acquisition cost comprises a cash consideration of £283 million for the equity at closing together with further deferred consideration of up to £12 million depending on Getrag Driveline Products’ success in achieving future business awards. Presently Getrag Driveline Products has net cash of approximately £15 million and therefore the current enterprise value, including the deferred element, is £280 million. Closing of the transaction is expected during September 2011, subject to customary conditions and necessary regulatory approvals. The acquisition will be funded from the Group’s existing resources.

3 August 2011


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