The London Telegraph reports that engineering firm Tomkins PLC plans to sell its Schrader Electronics Ltd. TPMS business for approximately £550 million.
Tomkins has appointed Barclays Capital to manage the sale of the Northern Ireland-based business. The Telegraphs reported that Tomkins’ sensors and valves business, also located in Northern Ireland, is being sold along with Schrader.
According to the newspaper, a “handful of private equity firms” have been approached regarding the sale.
Schrader Electronics designs and manufactures its TPMS products in Antrim and operates offices in 11 countries, including the U.S. The company’s customer list includes virtually every car manufacturer in the world, including GM, Ford, Daimler, Chrysler, Nissan and Renault. Recently BMW awarded Schrader the first global contract to supply OE motorcycle TPMS systems. (Tyres & Accessories)