GKN plc ("GKN") has agreed to acquire Fokker Technologies Group B.V ("Fokker") from Arle Capital for an enterprise value of €706 million (£499 million).

The acquisition of Fokker further enhances GKN's position as a leading global supplier to the aerospace industry. The combination brings together two leading technology companies with broad product portfolios and established positions on major aircraft platforms.

Fokker is a specialist Tier 1 supplier to the commercial, military and business jet markets. With almost 5,000 employees Fokker is headquartered in the Netherlands and has operations in Europe, North America and Asia. In the year ended 31 December 2014, Fokker generated revenue of €758 million.

Fokker specialises in the design, development and production of lightweight aero structures, electrical wiring interconnection systems and landing gear. It also provides maintenance, modification and logistic services to aircraft owners and operators.

Kevin Cummings, Chief Executive, GKN Aerospace, said: "Fokker is a great business with strong customer relationships and a recognised commitment to the development and application of innovative technology. It is an excellent business that fits well with GKN Aerospace.

Strategically, this acquisition strengthens GKN Aerospace's position as a market leader, enhances its global manufacturing footprint and adds new technology. It also increases GKN's shipset value on key growth programmes in both the commercial and military markets. The addition of Fokker further strengthens GKN Aerospace's ability to meet the demands of our global customers - now and into the future."

GKN is a UK headquartered global engineering group with over 50,000 people working in the aerospace, automotive and land systems markets. It has manufacturing facilities in more than 30 countries.

GKN Aerospace is a global Tier 1 supplier of airframe and engine subassemblies, transparencies and fuel/flotation systems, with sales in 2014 of £2.2 billion (€3.1 billion) and a global workforce of more than 12,000 employees.

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