© alphaspirit dreamstime.com Electronics Production | June 24, 2016
Knorr-Bremse expands commercial vehicle powertrain business
Knorr-Bremse is to take over GT Group based in Peterlee (County Durham, UK). The parties have agreed not to disclose the purchase price. The acquisition is subject to approval by the anti-trust authorities.
GT Group’s core business is the development and manufacturing of EGR valves and exhaust brakes for diesel engines used in the commercial vehicle sector. The owner-managed company with around 250 employees operates four locations in the Peterlee area. “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 regarding the emission-compliant operation of diesel engines even more comprehensively,” explains Dr. Peter Laier, Member of the Executive Board of Knorr-Bremse AG, responsible for the Commercial Vehicle Systems Division. As GT Group Chairman and previous Owner Geoff Turnbull said: “Knorr-Bremse is at the pinnacle of engineering around the world and the perfect custodian for GT Group and the extensive expertise and technologies we have developed. The support it will provide to GT Group’s established and experienced management team will maintain our trajectory of growth and maximize on new opportunities across international markets. 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.” ----- Knorr-Bremse’s Thorsten Seehars, Member of the Management Board of Knorr-Bremse Systems for Commercial Vehicles, (right) at the signing ceremony, together with Geoff Turnbull, the previous owner and Chairman of GT Group. © Knorr-Bremse