DaimlerChrysler Supervisory Board Approves MTU Sale To KKR

BERLIN December 11, 2003; Dow Jones reported that DaimlerChrysler AG Thursday said it will realize a net gain of EUR1 billion from the sale of MTU Aero Engines GmbH to U.S. private- equity firm Kohlberg Kravis Roberts & Co. .

The sale of the German automaker's airplane engine components subsidiary will also add EUR1.2 billion to operating profit.

The sale price for MTU amounts to EUR1.45 billion, excluding debt and liquid funds, the Stuttgart-based company said in a statement following the supervisory board's approval of the deal.

DaimlerChrysler announced plans to sell MTU to KKR on Nov. 21. The disposal is part of the company's efforts to focus on its core auto business.