IWKA sells ARO group
The IWKA Group sold its ARO Group welding gun business effective December 11, 2006. Purchaser is Langley Holdings PLC., a private, diversified group of companies headquartered in Retford, Great Britain
The ARO Group specializes in manufacturing welding guns and primarily targets the automotive industry. The group of companies generated sales of about € 100 million during the 2006 business year and currently employs 600 persons. The two parties have agreed not to disclose the terms of the transaction.
The transaction will generate book losses, the majority of which have already been accounted for in the IWKA Group's 2006 half-year financial statements. The ARO Group was classified as a discontinued operation as of June 30, 2006.
The sale of the ARO Group was the last divestment scheduled for fiscal year 2006 by IWKA.