GKN agrees to buy Volvos aero engines division
GKN Last Updated at 13 Sep 2013, 15:30 GMT *Chart shows local time price change % 353.40
p + +0. monster energy bedding for boys 20 + +0. baby ralph lauren shoes 06 Engineering group GKN has agreed to buy the aero engine business of Swedish truck-maker Volvo for £633m ($986m).
GKN's chief executive, Nigel Stein, said the deal was, "a highly attractive acquisition... monster energy drink in bulk creating a market leader in aero engine components".
The deal will give GKN more exposure to the civil aircraft sector, offsetting falling defence sales as governments cut back on defence spending.
The British engineering group said the payment broke down into £513m for the business, plus a pension settlement of £50m and refinancing of £70m.
GKN's aerospace business is the firm's second biggest division. It makes parts for civilian and combat aircraft as well as helicopters.
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