Japanese car giant Nissan Motor has confirmed plans to sell its aerospace division to powerplant manufacturer Ishikawajima-Harima Heavy Industries (IHI) (Flight International, 15 February).The deal is expected to be completed by the end of July.

Nissan says it has reached agreement on a memorandum of understanding with IHI and is finalising the transaction. The value of the deal has not been disclosed.

Nissan Aerospace specialises in the development and manufacture of solid propellant rockets used to launch science and satellite payloads. The business is expected to fit in with IHI's aero-engine competencies.

Nissan has been working to spin-off non-automotive assets as part of a revival plan announced last October as it bids to reverse poor recent performance.

Source: Flight International