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Oerlikon to sell space division

Swiss technology group Oerlikon has announced plans to sell all of its Oerlikon Space division to aerospace group Ruag.

Oerlikon shares jumped by 6.4 per cent to SFr66.50 ($62) on the news in early trading on the Swiss stock exchange on Tuesday.

All 380 employees of Oerlikon Space based in Switzerland will transfer to Ruag after the deal is complete.

The purchase price was undisclosed but analysts estimated the deal to be worth SFr150-200 million.

The transaction is expected to be complete by mid-2009 pending approval by the relevant merger control authorities.

A joint statement from the two groups said the deal would expand Ruag’s position in the European and United States aerospace industry. Oerlikon said the deal would strengthen its capital base. with agencies

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR