DaimlerChrysler sells engine divisions

Dec. 28, 2005 at 7:25 AM

STUTTGART, Germany, Dec. 27 (UPI) -- DaimlerChrysler AG expects to get $1.19 billion from selling two engine-making units to a private equity fund based in Sweden.

EQT Partners AB is buying the MTU Friedrichshafen heavy-engine division and Detroit Diesel Corp. unit's off-highway business for an enterprise value of $1.9 billion, a sum that includes payment and debt assumption, the German automaker said Wednesday.

DaimlerChrysler, which expects its net income to rise by about $357 million because of the deal, said the divestment was calculated to help it focus on its core business.

Follow us on Facebook, Twitter, and Instagram for more news from UPI.com
Related UPI Stories
Trending Stories