GKN plc has agreed the acquisition of Tozmetal Ticaret Ve Sanayi AS (Tozmetal). Tozmetal is a powder metal part manufacturer based in the Istanbul Ataturk Free Trade Zone, Turkey. With sales in 2016 of €24 million, Tozmetal focuses much of its output on hydraulic pump components for European automotive customers.
Peter Oberparleiter, Chief Executive of GKN Powder Metallurgy, said: “We are very excited to welcome Tozmetal into GKN Powder Metallurgy. Tozmetal is a well-run business that will complement our broad presence in the powder metals market.”
Completion of the acquisition is subject to approval from the relevant merger control authorities in Turkey and Germany.
About GKN Powder Metallurgy
GKN Powder Metallurgy comprises GKN Sinter Metals and Hoeganaes. GKN Sinter Metals is the world’s leading manufacturer of precision automotive components as well as components for industrial and consumer applications. Hoeganaes is one of the world’s largest manufacturers of metal powder, the essential raw material for powder metallurgy. GKN Powder Metallurgy is in close proximity to its customers with more than 30 global locations and about 6,600 employees.
About GKN plc
GKN plc is a global engineering group. It has three divisions; GKN Aerospace, GKN Driveline and GKN Powder Metallurgy, which operate in the aerospace and automotive markets. Over 58,000 people work in GKN companies and joint ventures in more than 30 countries. GKN is listed on the London Stock Exchange (LSE: GKN) and recorded sales of £9.4 billion in the year to 31 December 2016.