US private equity firm Kohlberg Kravis Roberts (KKR) has sold its remaining 29% share in German aeroengine specialist MTU to institutional investors. The move comes just eight months after MTU listed on the stock exchange, when KKR substantially reduced its interest in the Munich-based company. Before the flotation KKR had been the controlling shareholder after it acquired MTU from DaimlerChrysler two years ago. MTU chief executive Udo Stark says that the placement of KKR’s remaining shares illustrates market confidence in the company’s performance. “Operating as a standalone public company, MTU has achieved a major objective,” says Stark. MTU expects to increase its full-year operating result by 30%, compared with the previous year’s figure, and its turnover for the period by 10% when it releases fully year results at the end of March.
Source: Flight International