GKN sells Aerospace Engineering Services business
GKN has announced it has sold its Aerospace Engineering Services Business in the UK and Australia in an undisclosed deal.
The businesses have been acquired by QuEST Global Services Pte Ltd and QuEST Global Engineering Ltd. The sale includes certain assets and liabilities of GKN CEDU Ltd and the entire issued share capital of GKN Aerospace Engineering Service Pty Ltd.
The business being disposed of had sales of about £20m in the year ended December 31, 2010 and had gross assets of £8.1m as at December 31, 2010.
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 and GKN Aerospace Services 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,” said the company in a statement.
