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". ENDS END -0- Apr/30/2014 11:39 GMT
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