(Reuters) -French aerospace and defense group Safran is exploring the sale of a large part of its aircraft interiors business, the Financial Times reported on Friday, citing three people familiar with
Safran Considers Divesting Aircraft Interiors Business Valued at $1.76 Billion
(Reuters) -French aerospace and defense group Safran is exploring the sale of a large part of its aircraft interiors business, the Financial Times reported on Friday, citing three people familiar with the matter.
The assets sold could be worth as much as 1.5 billion euros ($1.76 billion), the report said. The company's cabin seat business, also part of the division, was not for sale, the FT said.
Reuters could not immediately verify the report. Safran declined to comment.
Formed 20 years ago through the merger of state engine maker Snecma and electronics firm Sagem, Safran co-produces engines for Airbus and Boeing medium-haul jets with GE Aerospace.
Safran acquired the aircraft interiors activities in 2018 when it bought seats manufacturer Zodiac Aerospace.
The assets for sale, which include everything from overhead cabin bins to kitchen galleys and interior fittings, are expected to garner interest from both private equity groups and equipment makers, the newspaper said.
Talks of the potential sale emerge as the group looks to unload lower margin products while focusing on higher-margin areas such as jet engines, the report added.
Safran in July raised its annual forecasts after reporting stronger-than-expected first-half profits, with its troubled cabin interiors unit edging further into the black.
Separately, the company has considered selling its in-flight entertainment products business, a smaller division, the Financial Times reported.
($1 = 0.8542 euros)
(Reporting by Ananya Palyekar in Bengaluru; Editing by Nivedita Bhattacharjee)
