The automotive, property and bearings operations of Triplex Lloyd, acquired earlier this year by US quoted engineering company Doncasters, were sold last week for £80m.
Venture capitalist Phildrew Ventures is picking up the automotive business for £66m. The division employs about 1,500 staff in seven businesses on nine UK sites, and supplies car makers including Rover, Honda and Ford.
Its undertakes foundry and precision engineering in niche positions of the European automotive market.
Doncasters sold its Triplex Lloyd property business to a Midlands developer for £14m.
It is to use the proceeds to reduce debt incurred when it bought Triplex Lloyd.
Doncasters said the companies disposed of were not part of its core engineering operation, which is making highly engineered products for tolerance critical applications like power stations.
It has also appointed agents to handle the sale of another former Triplex Lloyd business, Alabama-based Southern Tool. Most of the commercial castings operation’s customers are in the control and industrial machinery industries.
Chairman Ian Dillamore said Southern Tool would be sold as part of a second tranche of disposals, with several small non-core businesses bought at the same time as Triplex Lloyd also lined up for sale.