The deal to acquire GKN Wheels & Structures still needs regulatory approvals.

"In the coming months, Aurelius' will support GKN Wheels & Structures in executing its carve-out from GKN, ensuring continuity in the company's day-to-day operations, to establish the business under a new brand name and as a standalone entity," it said.

Going forward, it added, the plan is to work alongside GKN Wheels & Structures' existing management team to continue delivering the company's business plan.

"This…provides us with a strong platform for future growth in the off-highway wheels manufacturing sector. We look forward to building on the good work of the GKN Wheels & Structures' management team and working with them to ensure a smooth transition in the coming months," added Matthias Täubl, Aurelius executive board member.

GKN Wheels & Structures employs about 900 staff worldwide with four manufacturing facilities in the UK, US and Denmark in addition to test centres in Italy and the US. It had global revenues of £170 million in 2019.