1st Dec 2011 07:00
NEWS RELEASE GKN plcDivestment30 November 2011
GKN disposes of Aerospace Engineering Services Business
The business being disposed of had sales of about 20 million pounds in the year ended 31 December 2010 and had gross assets of 8.1 million pounds as at 31 December 2010.
GKN plc has sold its Aerospace Engineering Services Business in the UK and Australia to QuEST Global Services Pte Limited and QuEST Global Engineering Limited. The sale includes certain assets and liabilities of GKN CEDU Limited and the entire issued share capital of GKN Aerospace Engineering Service Pty Limited.
GKN's Aerospace Engineering Services Business provides design and engineering support to a range of customers predominantly in aerospace and marine sectors. As part of the sale, QuEST Global Services Pte Limited and GKN Aerospace Services Limited have entered into a long-term preferred supplier agreement to provide the engineering skills and resources to support GKN Aerospace's long term growth strategy. GKN Aerospace retains over 200 engineers and will continue to grow its core in-house engineering skills necessary to lead future programmes and technology developments.
For further information: Guy Stainer
Director, Investor Relations and External Communications
T: +44 (0)207 463 2382M: +44 (0)7739 778 187E: guy.stainer@gkn.com Andrew LorenzFTI ConsultingT: +44 (0)20 7269 7113M: +44 (0)7775 641 807 Notes to Editors
GKN plc is a global engineering business serving the automotive, aerospace and land systems markets. It has operations in more than 30 countries, around 42,000 employees in subsidiaries and joint ventures and had sales of £5.4 billion in the year ended 31 December 2010. GKN plc is listed on the London Stock Exchange .
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