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GKN acquires Volvo Aero for £633 million
News from GKN
GKN plc (“GKN”) or (“Group”) today announces its agreement to acquire Volvo Aero (the aero engine division of AB Volvo).
Volvo Aero designs, engineers and manufactures components and sub-assemblies for aircraft engine turbines. It supplies all the major aero engine manufacturers and has positions on most major civil aerospace platforms that are set to increase as aircraft build rates ramp up. Volvo Aero employs some 3,000 people based in Sweden, Norway and the USA.
Nigel Stein, Chief Executive, GKN plc, said: “This is a highly attractive acquisition for GKN creating a market leader in aero engine components. With excellent technology and strong life-of-programme positions on most civil aero engines, Volvo Aero will significantly enhance GKN Aerospace’s engine components business.”
The combination of GKN Aerospace and Volvo Aero creates a world leader in both aero structures and aero engine components. Within aero engines, GKN’s composite leadership together with Volvo Aero’s strong metallic technology provides a unique offering to customers who are focused on lightweight, high performance engine solutions. Volvo Aero has strong life-of-programme positions on existing platforms and a pipeline of new technology, offering a long-term revenue stream and opportunities for growth.
More information in GKN web…
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