Norwegian engineering and construction group Aker Solutions has announced plans to sell intellectual property rights owned by subsidiary Aker Wirth to China Railway Tunneling Equipment (CRTE), a tunnelling equipment maker. The technology being sold cover’s Aker Wirth’s tunnel boring and shaft-boring equipment for the construction and mining industries.
As part of the deal, privately-owned CRTE will get the right to use the Wirth brand on products based on the technology it is acquiring. The transaction will not see any employees transferred to CRTE. Aker Solutions will also retain the factory in Erkelenz, Germany where Aker Wirth currently makes construction and mining equipment. This will remain part of its drilling technologies business.
Aker Solutions said the divestment was part of its strategy to divest units that are not part of its core offshore services business.
The value of the transaction was not disclosed, but Aker solutions said it would have “limited financial impact.” The deal is due to close in December.