GKN has acquired the entire issued share capital of Williams Hybrid Power (WHP) from Williams Grand Prix Engineering.
WHP specialises in the design and manufacture of composite flywheel-based energy storage systems, initially exploring options for the bus, truck and tram markets.
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“GKN and WHP have been working together to validate the use of this technology and now that this stage has been reached, it is appropriate for GKN to use its global resources and manufacturing capability to maximise the commercial opportunities that exist,” GKN said.
The supplier paid GBP8m (US$13.3m) in cash and more will be paid based on future sales of WHP products in the following 10 years, calculated at 3.5% of sales in each of the first five years, declining on a stepped basis to 1.5% by the end of the 10 year period, and only payable if it cumulatively exceeds GBP4m. The acquisition will be funded from GKN’s existing resources.
Phil Swash, chief executive of GKN land systems, said: “This acquisition is a great opportunity for GKN to take a unique technology to global markets, helping solve the emissions and efficiency challenges faced by mass transit companies around the world.
“It also provides GKN with a unique set of engineering skills that we believe will help bring new innovation and performance to our wider product portfolio.”
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