March 6, 2019 / 7:27 AM / 6 months ago

Melrose to sell Walterscheid Powertrain Group for $262.7 million

(Reuters) - Turnaround specialist Melrose Industries Plc said on Wednesday it plans to sell its off-highway powertrain applications business Walterscheid Powertrain Group to private equity firm One Equity Partners for about 200 million pounds ($262.7 million).

The divestiture of Walterscheid, previously known as GKN Off Highway Powertrain, comes six months after Melrose said it was reorganizing engineering group GKN, following its hostile takeover last year.

Reuters reported in October the company had begun a break-up of GKN by planning a sale of its powder metallurgy business, which could fetch around 1.5 billion pounds.

Melrose said on Wednesday its unit, Fokker Aerospace BV, completed the sale of its minority 43.6 percent interest in Société Anonyme Belge de Constructions Aéronautiques to Dassault Belgique Aviation SA.

Reporting by Karina Dsouza in Bengaluru; Editing by Bernard Orr and Shounak Dasgupta

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