Norway’s Kongsberg completes aviation unit sale to Triumph
Mar 31, 2009 (Hugin via COMTEX) —-On 27 February 2009, Kongsberg Automotive announced that the company had entered into an agreement to sell its Aviation business, with revenue of approx. MEUR 9, to Triumph Group Inc. for MEUR 20. The transaction consists of cable control systems for military and civil aircrafts and is located in Basildon (UK: undefined, undefined, undefined%) and Heiligenhaus (Germany).
Completion of the transaction was inter alia contingent upon approval from the UK and German Aviation regulatory bodies, relevant customer and employee consents and transitional service agreements.
All conditions precedent for the closing have been fulfilled, and the transaction was closed today.
Kongsberg Automotive is headquartered in Kongsberg, Norway and has approx. 50 facilities in 20 countries on all continents. Kongsberg Automotive, with over 8,000 employees, provides system solutions to vehicle makers around the world. The product portfolio includes gearshift systems, cables for a wide variety of applications, fuel lines, tubing and hoses, couplings, clutch actuation, stabilizing rods, seat heaters, seat ventilation, lumbar supports, head restrains, arm rests, steering columns, pedals, electronics and displays. Find more information at www.kongsbergautomotive.com.