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Last Updated: Wednesday, 28 July, 2004, 09:50 GMT 10:50 UK
GKN sells its stake in Westland
Lynx helicopter
Westland makes Apache and Lynx helicopters
Britain's GKN engineering group has sold its 50% stake in its helicopter joint venture AgustaWestland.

Italian partner Finmeccanica has bought the stake for 1.064bn ($1.96bn).

GKN said the "transforming" sale of the Yeovil-based aerospace group would allow it to cut debts and focus on strengthening its other businesses.

It means the end of UK ownership in the helicopter industry, leaving an industry dominated by North American and continental European manufacturers.

GKN has said it hopes to make new acquisitions to boost its car business and other aerospace ventures, with reports suggesting possible acquisitions in the US.

Westland and Agusta joined together in 2000, creating a company with an order book totalling 5.33bn.




SEE ALSO:
GKN confirms Westland stake sale
26 May 04  |  Business
GKN confirms Westland sale talks
20 May 04  |  Somerset
Union boss visits helicopter firm
18 May 04  |  Somerset
Helicopter firm may be bought out
18 May 04  |  Somerset
Helicopter workers go on strike
29 Oct 03  |  Somerset
Westland wins Japanese deal
11 Jun 03  |  Somerset


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