This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Altra Holdings Inc. Announces Agreement To Acquire Bauer Gearmotor Business

BRAINTREE, Mass., Feb. 28, 2011 (GLOBE NEWSWIRE) -- Altra Holdings, Inc. (Nasdaq:AIMC), today announced that it has signed a definitive agreement to acquire substantially all of the assets of Danfoss Bauer GmbH ("Bauer") relating to its gearmotor business for a cash consideration of 43.1 million Euro, subject to adjustments for working capital and other items, which are payable at closing.   The finalization of the transaction is subject to customary closing conditions, including receipt of required regulatory approvals, and is expected to take place during the second quarter of 2011. The acquisition is anticipated to be accretive to Altra Holdings' earnings in 2011 excluding any one-time or acquisition related costs.

Bauer is a leading European manufacturer of high-quality gearmotors, offering engineered solutions to a variety of industries, including material handling, metals, food processing and energy. In addition to a strong presence in Germany, the company has a well-established sales network in 15 additional countries in Western and Eastern Europe, Russia, China, and the United States. A privately held company headquartered in Esslingen, Germany, Bauer generated approximately 73.4 million Euro in revenue for 2010.

"This agreement is an exciting and important milestone for Altra," said Carl Christenson, Altra's president and CEO. "The acquisition of Bauer meets all of our acquisition criteria and we are looking forward to Bauer becoming an important part of Altra. The Bauer brand is very well regarded, the products are a terrific extension to our line and the geographic strengths of Bauer and Altra will provide synergistic top-line opportunities. In addition, the Bauer management team is very strong with a solid top and bottom line growth strategy that dovetails very nicely with Altra's strategy.  We are particularly excited about Bauer's European and emerging market presence and Altra's ability to provide Bauer with additional access to the North American market." Nis Storgaard, Danfoss Chief Development Officer added "We are happy that we have found a new owner that will support Bauer and its employees to further develop and grow the business."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs