Volvo Aero has purchased Pratt & Whitney's (P&W) shares in Volvo Aero Norge, Kongsberg, Norway to become the sole owner of the company.
Volvo Aero in 1999 purchased a 66% stake in what was then Norsk Jetmotor in Kongsberg. Later, Volvo Aero increased its stake by acquiring around 12% owned by French engine manufacturer Snecma.
United Technologies, acting through its P&W division, has now accepted Volvo Aero's offer for its shares in Volvo Aero Norge, equating to approximately 22% of the total shares.
Staffan Zackrisson, president and CEO, Volvo Aero, says: "When P&W wished to sell their shares in the company, it was a natural choice for us to increase our stake in the company to 100%."