The acquisition by Knorr-Bremse AG, a family owned company, will allow for current GT Chairman Geoff Turnbull to retire from the business after founding it 30 years ago.
The Munich-based group will also support the growth of GT Group’s other international business units, with more than 90% of GT Group’s products and services exported to over 60 countries.
Knorr-Bremse’s 25,000 employees manufacture braking systems for rail and commercial buildings in over 30 countries, with sales totally almost €6bn in 2015.
Knorr-Bremse currently employs 1,000 people at seven facilities across the UK.
Mr Turnbull said: “Knorr-Bremse is at the pinnacle of engineering around the world and the perfect custodian for GT Group and the extensive expertise and technologies we have developed.
“The support it will provide to GT Group’s established and experienced management team will maintain our trajectory of growth and maximise on new opportunities across international markets.
“I am exceptionally proud of what we have achieved at GT Group over the last three
decades proving that advanced manufacturing can thrive in the North East, creating sustainable employment and ground-breaking technology that is exported around the world.
“With the expertise of our workforce and the support of its new owners, I am confident I am leaving the business in very safe hands.”
Dr. Peter Laier, Member of the Executive Board of Knorr-Bremse added: “The strategic fit of GT Group to Knorr-Bremse and the strong position of our combined businesses will enable us to meet the needs of our worldwide customers in the engine air management business even more comprehensively.”
“We are planning a close engineering collaboration especially between GT Emissions Systems and our subsidiaries in Japan and China.
“Thanks to the proven track record regarding product quality and high customer satisfaction, we can grow with GT Group in new regions, too. We will be able to join forces and leverage synergies fast and strengthen our market position in Europe and North America.”
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