GKN agrees to sell stake in Emitec
GKN plc has agreed to sell its 50% shareholding in the emissions reduction
technology business Emitec Gesellschaft für Emissionstechnologie mbH (Emitec)
to Continental for a cash consideration of €46 million. Completion of the
transaction is subject to regulatory approvals. GKN will use the net proceeds
to reduce group net indebtedness.
Emitec was established as a 50:50 joint venture in 1986. It is a specialist
manufacturer of metallic catalytic converter substrates and more recently of
selective catalytic reduction dosing systems. Following this transaction,
Continental AG will have 100% ownership of Emitec.
Nigel Stein, Chief Executive, GKN, commented: "Emitec has been a great
investment for GKN. It is a good business that will now benefit from full
technology connection with Continental's emissions control systems. I would
like to thank everyone in Emitec and offer them my best wishes as the business
enters this new phase".
-0- Apr/30/2014 11:39 GMT
Press spacebar to pause and continue. Press esc to stop.