Today, Concentric AB announced the completion of its purchase for Licos Trucktec GmbH. Licos is a leading water pump and electromagnetic fan clutches for the truck industry. The company was paid with a mix of cash and shares at Concentric.
Concentric will assume the debt incurred by Licos. The purchase of the company will broaden Concentric's product portfolio and would present an opportunity to leverage its position the US market.
German based Licos' high quality products attracted numerous businesses in the industry. Licos' sales amounted to a total of Eur14 million last 2012.
The transaction was completed last June 27, 2013 after regulatory approvals with Dr. Wolf Beteiligungs of GmbH as the seller. The current Licos managing director was Dr. Andreas Wolf. He will remain in the company and help business integration over the coming months. Dr. Andreas Wolf received Eur500, 000 in Concentric AB shares. This ensured his long-term commitment in the company.
Join the Conversation