Allen & Overy advises Kendrion on acquiring INTORQ
06 November 2019
Allen & Overy has advised Kendrion N.V. (Kendrion), headquartered in Zeist (Netherlands) on acquiring INTORQ GmbH & Co. KG (INTORQ), a German manufacturer of brakes and clutches.
With this takeover, Kendrion is strengthening its position in industrial brakes and expanding its presence in China. Closing is subject to customary conditions and is expected to take place in Q1 2020.
Kendrion, which is listed on the NYSE Euronext Amsterdam, develops, manufactures and markets electromagnetic actuators and related sub-systems for automotive and industrial applications from 13 sites in Europe, the United States and Asia. The company's business activities are divided into five business units, each with their own target markets: Industrial Magnetic Systems, Industrial Control Systems, Industrial Drive Systems, Passenger Cars and Commercial Vehicles.
INTORQ, headquartered in Aerzen (Germany), manufactures spring-applied brakes and electromagnetic brakes and clutches for electrical drive technologies. INTORQ products are used in a diverse range of applications, including geared and servo motors, electric forklifts, wind power plants, cranes, hoists, elevators and escalators. In addition to a production site in Aerzen, INTORQ also has production sites in Shanghai (China), Atlanta (USA) and Pune (India) and produces around 1 million brakes and clutches per year.
The Allen & Overy team was led by partner Dr. Hans Schoneweg and counsel Marie-Luise von Buchwaldt and included associate Jonas Hamm (all Corporate/M&A, Hamburg).
Additional advice was provided by partner Dr. Heike Weber, associate Sven Bischoff (both Tax, Frankfurt), partner Dr. Börries Ahrens, counsel René Galle, associate Sören Burdinski (all Antitrust), senior associate Daniel Martin Schulz (Corporate), partner Markulf Behrendt, associates Merle Herrmann (both Employment & Benefits, all Hamburg) and Catharina Glugla (Data Protection, Duesseldorf) as well as counsel Dr. Udo H. Olgemöller (Public Law, Frankfurt).
Colleagues from the Allen & Overy offices in Shanghai, Amsterdam and New York were also involved. Mumbai-based law firm Khaitan & Co advised on Indian law.
ING Corporate Finance Frankfurt acted as financial advisor and EY acted as additional advisor.
Teams led by Dr. Hans Schoneweg have been advising Kendrion since 2003, including on acquiring Kuhnke AG, the Linning group and the magenta group.