GKN has agreed on the estimated $779.6 million acquisition of Arle Capital‘s Fokker TechnologiesÂ company as part of GKN’s efforts to establish its business as a global supplier to the aerospace sector.
GKN said TuesdayÂ its aerospace business will absorb Fokker as an operating unit following the close of the acquisition scheduled in the fourth quarter of this year.
“The combination willÂ help to meet the challenges of a more competitive and increasingly global aerospaceÂ market, ” said Fokker CEO Hans Buthker.
Fokker will retain its leadership and headquarters in the Netherlands and continue its work on research and development, manufacturing and partnership-building in the country, GKN noted.
The company added that the deal also works to expand its footprint in Asia, Europe and North America as well as deliver a multitechnology portfolio.
Fokker currently has aircraft manufacturing programs with Airbus, Boeing (NYSE: BA), Bombardier, Gulfstream, Lockheed Martin (NYSE: LMT), NH Industries, Rolls-RoyceÂ and United Technologies Corp.Â (NYSE: UTX).
Its four major programs based on order value are for the F-35, Â A350, G650 and NH90 aircraft.