Global engineering group GKN has sold its shares in a German green technology company for €46 million (£37.8 million) after nearly 30 years of business.
The listed, Redditch-based company said today it had agreed a deal to sell its 50 per cent shareholding in Emitec, an emissions reduction technology business headquartered in Lohmar, near Bonn.
Completion of the transaction was subject to regulatory approvals and GKN will use net proceeds to reduce group debt.
Emitec was established as a 50:50 joint venture in 1986 and is a specialist manufacturer of metallic catalytic converter substrates and, more recently, of selective catalytic reduction dosing systems.
Following this transaction, Continental AG will now have 100 per cent ownership of Emitec.
GKN chief executive Nigel Stein said: "Emitec has been a great investment for GKN. It is a good business that will now benefit from full technology connection with Continental's emissions control systems.
"I would like to thank everyone in Emitec and offer them my best wishes as the business enters this new phase."
GKN designs, makes and services systems and components for manufacturers in the aerospace, automotive and land systems sectors, employing circa 50,000 people worldwide via group companies and joint ventures across more than 30 countries.
Earlier this month, it announced a jump in revenue and profit on the back of strong automotive and aerospace demand.
Pre-tax profit rose by 22 per cent to £145 million in the first quarter of the year while sales reached more than £1.9 billion.