Thu, 23 Jun 2016 | BUSINESS SALE
County Durham-based engineering firm GT Group has been purchased by German manufacturer Knorr-Bremse AG.
GT Group specialises in environmental engineering and its products include Breakaway couplings, Drybreak couplings and Exhaust Gas Control Valves, and serves customers operating in the automotive, oil and gas and petrochemical sectors in over 60 countries. The company was founded over 35 years ago by chairman Geoff Turnbull and has a 250-strong workforce.
Mr Turnbull, who will be retiring from the business, said: “With the expertise of our workforce and the support of its new owners, I am confident I am leaving the business in very safe hands.”
The purchase was made for an undisclosed amount. GT Group, which is debt-free and has a forecasted order book of several hundred million pounds, was advised on the deal by Duncan Lamb from Grant Thornton.
The group's new owners, Munich-based Knorr-Bremse AG, is a 110-year-old, family-owned manufacturer of braking systems for rail and commercial vehicles. It has about 25,000 staff in 30 countries, with 1,000 of these based in the UK at seven sites.
Dr Peter Laier, who is on the executive board at Knorr-Bremse, commented: “The strategic fit of GT Group to Knorr-Bremse and the strong position of our combined businesses will enable us to meet the needs of our worldwide customers in the engine air management business even more comprehensively.
"We will be able to join forces and leverage synergies fast and strengthen our market position in Europe and North America," Insider Media reported.
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