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UK engineering company GKN to sell Stromag unit to Altra for 184 million euros

Reuters

(Reuters) - Engineering company GKN Plc (GKN.L) said on Friday it had agreed to sell its Stromag unit to automobile parts maker Altra Industrial Motion Corp (AIMC.O) for 184 million euros (163.6 million pounds) in cash.

GKN said the sale of Stromag, which supplies brakes and clutches, will help it redirect capital to its core aerospace and automotive units.

The company, which is cutting costs, said the deal also included transfer of debt-like obligations of about 14 million euros.

(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Shounak Dasgupta)