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05-07-2012 08:27:00

GKN Acquires Volvo Aero For GBP633 Million

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LONDON--GKN PLC (GKN.LN), a engineering company, said Thursday it has acquired Volvo Aero, the aero engine division of AB Volvo, for GBP633 million.

MAIN FACTS:

-Volvo Aero will significantly enhance GKN Aerospace's engine components business.

-The acquisition enterprise value is SEK6.9 billion (GBP633 million) comprising SEK5.6 billion (GBP513 million) of equity value together with an anticipated Volvo Aero pension settlement (GBP50 million) and working capital refinancing (GBP70 million).

-The acquisition is expected to complete during 3Q.

-It will be funded by new debt and a GBP140 million placing of new ordinary shares, representing approximately 5% of GKN's current market capitalisation.

-For the year ended Dec. 31 2011, AB Volvo reported audited results attributable to Volvo Aero of sales of SEK6.5 billion (GBP600 million), EBITDA of SEK0.8 billion (GBP75 million), EBIT of SEK0.3 billion (GBP30 million) and gross assets of SEK9.3 billion (GBP855 million).

-In 2012, GKN expects Volvo Aero's sales to be around SEK7.3 billion (GBP670 million) with EBITDA anticipated to be approximately SEK1.1 billion (GBP100 million).

-The acquisition enterprise value equates to an expected 2012 sales multiple of 0.9 times and an expected Volvo Aero 2012 EBITDA multiple of 6.3 times.

-In 2013, the first full year of ownership, the transaction is expected both to be enhancing to GKN's earnings per share on a management basis and to generate a return on invested capital that exceeds the Group's pre-tax weighted average cost of capital of 12%.

-The Volvo Aero operating margin is expected to meet the GKN Aerospace target range of 11-13% in 2013 due to operational process improvements and cost savings, which are expected to total 3-4% of Volvo Aero sales by 2014.

-GKN's business performance in April and May continued in line with the first quarter of the year.

-Overall, Group sales for the five months to May 31 increased 17%, with underlying sales up 9%.

-Management trading profit increased 23%, up 13% on an underlying basis.

-Board continues to expect that 2012 will be another year of good progress and anticipates increasing the interim dividend by 20% to 2.4 pence per share.

-Shares closed Wednesday at 187 pence, valuing the company at GBP2.9 billion.

-Write to Mark Shapland at mark.shapland@dowjones.com

(END) Dow Jones Newswires

July 05, 2012 02:27 ET (06:27 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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