GKN sells aerospace engineering services business

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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.

The sale includes certain assets and liabilities of GKN CEDU and the entire issued share capital of GKN Aerospace Engineering Service.

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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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