Melrose announces sale of Walterscheid Powertrain Group

March 6, 2019

Melrose Industries plc, London, UK, has agreed to sell Walterscheid Powertrain Group (formerly GKN Off Highway Powertrain) to US-based private equity firm One Equity Partners. Walterscheid Powertrain is a leading provider of original equipment and aftermarket parts and services for off-highway powertrain applications.

The group acquired GKN plc in April 2018 in an £8.1 billion sale after receiving the support of GKN’s shareholders, and has reported plans to sell the GKN Powder Metallurgy business, as well as splitting GKN’s aerospace and automotive business segments. Subject to customary regulatory conditions, the sale of Walterscheid is expected to complete in the first half of this year.

In addition, Melrose has announced that its subsidiary Fokker Aerospace B.V has completed the sale of its minority 43.57% interest in Société Anonyme Belge de Constructions Aéronautiques (SABCA), which manufactures components for aircraft and space launchers, to SABCA’s majority shareholder, Dassault Belgique Aviation S.A.

The combined net proceeds of these sales are approximately £200 million.

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