GKN sells aerospace engineering services business

Blue chip automotive and aerospace engineer GKN has sold its Aerospace Engineering Services business in the UK and Australia to QuEST Global Services and QuEST Global Engineering.

The business had sales of about £20m in the year ended 31 December 2010 and had gross assets of £8.1m pounds as at 31 December 2010.

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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, the firm said.

The share price fell 1.7% to 191.2p by 08:39.

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