Concentric Acquires Licos
Concentric AB has announced the acquisition of Licos Trucktec GmbH, a producer of water pumps and electromagnetic fan clutches for the truck industry, for € 9.25 million, with €8.75 million paid in cash and €0.5 million in shares of Concentric. Concentric will assume debt of € 3.1 million.
Concentric said the acquisition will broaden product portfolio in a growing niche, the semi-variable water pump, and presents an opportunity to leverage Concentric's position in the U.S. for Licos electromagnetic fan clutches.
Licos employs around 55 people at its production and engineering facility in Markdorf, Germany, with sales amounted to €14 million in 2012. The transaction was completed on June 27 and has gained all the necessary approvals. The current managing director of Licos, Dr. Andreas Wolf, will remain in the company and help integrate the business over the coming months.
"Licos is a perfect strategic fit for Concentric, as their controllable water pump complements our own fully-variable technology, enabling us to offer customers a full range of water pumps,” David Woolley, CEO of Concentric. “Concentric will also gain access to Licos know-how in the field of electro-magnetic and friction clutch technologies.