GKN Acquires Volvo Aero For $1B

GKN PLC

reported that it has acquired the aircraft engine division of Volvo AB

for SEK6.9 billion ($1 billion). The deal is expected to complete in the third quarter. GKN's sales last year came in at GBP6.1 billion. GKN shares closed at $2.83 on Tuesday, while Volvo shares closed at $11.68 on Tuesday.