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EU clears acquisition of Fokker by GKN

Xinhua, August 31, 2015 Adjust font size:

The European Union (EU) on Monday approved a 706 million euros (about 791 million U.S. dollars) acquisition of Dutch Fokker Technologies by British engineering company GKN.

The European Commission, the EU's executive body, concluded in a statement that GKN's purchase would not raise competition concerns.

GKN is a British-headquartered global engineering group with over 50,000 people and a supplier of plane parts to Boeing Co. and Airbus Group SE.

The acquisition was reported to take GKN into the number two position globally for lightweight aero structures and into third place in electrical wiring systems.

Fokker has almost 5,000 employees and has operations in Europe, North America and Asia. In 2014, Fokker generated revenue of 758 million euros.

The Netherlands-based company ranked as the world's top aircraft manufacturer in the late 1920s but entered into bankruptcy in 1990s. (1 euro = 1.12 U.S. dollars) Endit