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In line with the Board’s strategy to focus the Group on the core activities of the manufacture and sale of industrial chains, gears and couplings, the Board is pleased to announce that it is in advanced discussions which may or may not lead to the disposal of the Group's Automotive business.
Renold is at an advanced stage of negotiations with Schaeffler KG (“Schaeffler”) whereby Schaeffler will acquire the business and certain assets of the Automotive business, and the appropriate employee consultation process is about to commence.
The Board of Renold will make further announcements regarding the progress of this potential disposal as soon as it is appropriate.
