Kendrion announces successful completion of INTORQ acquisition
INTORQ has production sites in Aerzen (Germany), Shanghai (China), Atlanta (USA) and Pune (India). The acquisition was first announced on 5 November 2019.
Conditions to completion of the transaction included approval of the German Federal Cartel Office and the Austrian Federal Competition Authority, which have now been received.
The combination with INTORQ creates a leading industrial brake company with a full range of high-quality industrial brakes in an expanded number of growth markets in Europe, China, the U.S. and India. Specific end-markets include electric motors, wind power and elevators. Complimentary markets include geared motors, forklifts, cranes and hoists.
Joep van Beurden, Kendrion CEO
"We are pleased to announce the successful completion of this acquisition. By bringing together the capabilities of Kendrion and INTORQ we are creating a true leading global industrial brake company. Our enhanced market position is expected to benefit both our customers and our employees and gives us the opportunity to further strengthen our focus on opportunities in brakes for industrial automation and robots."
Profile of Kendrion N.V.
Kendrion develops, manufactures and markets high-quality electromagnetic systems and components for industrial and automotive applications. For over a century, we have been engineering precision parts for the world's leading innovators in passenger cars, commercial vehicles and industrial applications. As a leading technology pioneer, Kendrion invents, designs and manufactures complex components and customised systems as well as local solutions on demand.
We are committed to the engineering challenges of tomorrow, and taking responsibility for how we source, manufacture and conduct business is embedded into our culture of innovation. Rooted in Germany, headquartered in the Netherlands and listed on the Amsterdam stock exchange, Kendrion's expertise extends across Europe to the Americas and Asia. Created with passion and engineered with precision. Kendrion – Precision. Safety. Motion.
Amsterdam, 8 January 2020
The Executive Board
For more information, please contact:
Mr Joep van Beurden
Chief Executive Officer
Tel: +31 85 073 1504
Email: IR@kendrion.com
Website: www.kendrion.com
PRESS RELEASE - KENDRION ANNOUNCES SUCCESSFUL COMPLETION OF INTORQ ACQUISITION
