VW thinks about sale of Renk
German car maker Volkswagen considers selling the majority-owned transmissions maker as it streamlines operations
Frankfurt — Volkswagen (VW) is considering options for majority-owned transmissions maker Renk, as the German car maker streamlines operations to help fund an overhaul following its emissions scandal, people close to the matter say.
VW was working with Citi to decide on the future of Renk, which might result in a sale of the maker of transmissions and bearings used in ships and wind turbines, the sources said.
If a formal decision to sell Renk was taken, an auction could be held within months and the firm could be valued at €600m to €800m, they said.
VW and Citi both declined to comment. VW is reining in spending and cutting thousands of jobs at its core passenger car brand to help pay for a shift to embrace electric cars and new mobility services. It has already launched a sale of motorcycle brand Ducati.