East Kilbride-based Clyde Blowers has agreed a $1 billion (£559 million) deal to purchase an entire business unit from American Fortune 500 company Textron.
The acquisition will include the companies Maag Pump Systems, David Brown Gear Systems, David Brown Hydraulics and Union Pumps, which together had formed Textron’s Fluid and Power Division.
Plans will involve Union Pumps being integrated into the Clyde Blowers business Clyde Pumps.
“The integration of these two businesses together with an exciting Clyde Pumps joint venture with WPIL (formerly Worthington Pump India), and a joint venture in China which is expected to be finalised by the end of October, will create a new global pumps business capable of competing effectively in several high growth, high margin markets,” said Clyde Blowers owner Jim McColl.
