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UK’s GKN emerges frontrunner for Volvo’s $1.3 billion aircraft business

British car and plane parts manufacturer GKN is moving closer to clinch an $1.3 billion deal to buy Volvo’s aircraft business after other suitors dropped out of the race for Sweden’s largest aerospace company, The Sunday Times reported without citing source of the information. With Germany’s MTU Aero Engines and private equity firms Carlyle Group and Nordic Capital pulling back, GKN, the maker of lightweight parts for Airbus and Boeing jets has emerged as the clear frontrunner for Volvo Aero, which makes engines as well as parts for aircrafts including Saab’s Gripen fighter jet.

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