The takeover of Derbyshire-based Doncasters Group by a business owned by the Dubai government has finally gone through.
Dubai International Capital said yesterday it had completed the #700 million acquisition from Royal Bank of Scotland's equity finance unit.
In the West Midlands, the company owns Doncasters Precision Castings in Droitwich, Doncasters Aerospace Components and Doncasters Airmotive in Shrewsbury and Doncasters Sterling in Coventry. DIC is one of several Gulf Arab state-linked investors looking to use record oil revenues to diversify holdings. Its purchases include Tussauds Group, owner of Madame Tussauds waxworks, and a stake in car maker DaimlerChrysler
Last month President Bush approved DIC's takeover of Doncasters, which operates US plants making parts for defence contractors.
Dubai had wanted to complete the takeover in March, but had to wait for a 45-day review of national security concerns by the Committee on Foreign Investments in the US. In March, governmentowned Dubai Ports World agreed to relinquish control of six US ports bought in the takeover of P&O after that deal provoked a political storm in America over national security.
DIC chief executive Sameer al-Ansari said the Doncasters deal would allow his company to move on with its investment strategy "to build a diverse portfolio of direct investments across various industries around the world".
Doncasters is a leading international engineering group that manufactures precision components and assemblies for the aerospace, industrial gas turbine, specialist automotive, medical orthopaedic and petrochemical markets.
Clients include Boeing, GE, MTU, Pratt & Whitney, Rolls-Royce, Snecma, and Honeywell in aerospace and Ansaldo, Alstom, GE and Siemens in industrial gas turbine technology. In automotive the company is a leading supplier of turbocharger components. Medical orthopaedic customers include Corin, Zimmer and Smith & Nephew. The group, which has turnover of #475 million, operates from 25 sites across the UK, continental Europe and North America.
It employs just over 4,500 staff.