FTE automotive GmbH signed an agreement to acquire remaining 51% stake in remanufacturing production of brake calipers business from Scandinavian Brake Systems A/S for approximately DKK 210 million.

FTE automotive GmbH signed an agreement to acquire remaining 51% stake in remanufacturing production of brake calipers business from Scandinavian Brake Systems A/S (CPSE:SBS) for approximately DKK 210 million in cash on September 1, 2014. 117 employees will be transferred to FTE in consequence of the agreement. The agreement is subject to a number of usual conditions, including approvals by relevant competition authorities.

The proceeds from the sale will be used by Scandinavian Brake Systems to repay its subordinate loan to the company's banks. Carnegie Investment Bank AB acted as financial advisor for Scandinavian Brake Systems. As of October 2, 2014 the transaction has been approved by the German competition authorities.