British GKN buys Fokker for €706 million
Dutch airplane company Fokker Technologies is being taken over by British company GKN Aerospace. On Tuesday GKN announced that it is acquiring Fokker for 706 million euros from British investor Arle Capital.
Fokker is located in the Netherlands and employs almost 5 thousand people, with operations in Europe, North America and Asia. Last year the Dutch company realized a revenue of 758 million euros.
The deal is expected to be completed in the fourth quarter of this year. After the acquisition, Fokker will become a new operating unit within GKN Aerospace. The Fokker headquarters will remain in the Netherlands.
"Fokker is a great business with strong customer relationships and a recognized commitment to the development and application of innovative technology. It is an excellent business that fits well with GKN Aerospace." said Kevin Cummings, CEO of GKN, adding that the acquisition strengthens GKN's position as market leader, enhances its manufacturing footprint and adds new technology.
"The combination of GKN Aerospace and Fokker will create a world leading, innovative multi technology aerospace company with a global footprint.", said Hans Buthker, CEO of Fokker. "Fokker can benefit greatly from the scale, innovation and financial power of GKN."
"GKM has taken us over especially because of the key role Fokker plays in the Netherlands." Buthker said to NRC. "Fokker is a leader when it comes to jobs liked to the Dutch government, such as the JSF."