Volvo Aero has sold its US subsidiary, Volvo Aero Services, to a North American private equity firm.

Speaking to ATI and Flightglobal during Aviation Week's MRO Europe show today, Volvo Aero Services president Claes Malmros said the subsidiary had been sold to a well-known US private equity firm which "already has holdings in aviation".

The identity of the buyer will be announced tomorrow. Malmros declines to disclose any further details of the transaction.

Volvo Aero said in July it was selling its US subsidiary in order to focus on its strategy of growing as a component manufacturer.

Source: Air Transport Intelligence news