Breaking News

Ebay to Separate eBay, Paypal Into Independent Companies in 2015

GKN PLC: Disposal of Joint Venture Shareholding

 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 
Press spacebar to pause and continue. Press esc to stop.