FRANKFURT (Reuters) - Workers at Volkswagen’s MAN (MANG.DE) rejected the idea that majority-owned transmission maker Renk (ZARG.F) could be sold, with the works council saying a divestment was “not an issue”.
“We do not see any reason to divest parts of the company. Renk is and will remain part of the MAN family ,” MAN’s works council chief Saki Stimoniaris said in a statement on Tuesday.
People close to the matter have told Reuters that Volkswagen (VOWG_p.DE) was considering options for Renk, as the German carmaker streamlines operations to help fund an overhaul following its emissions scandal.
Volkswagen (VW) is working with Citi (C.N) to decide on the future of Renk, which may result in a sale of the maker of transmissions and bearings used in ships to wind turbines, the sources said.
Renk, founded in 1873, is 76 percent owned by VW unit MAN. It currently employs 2,200 staff.
Reporting by Maria Sheahan; editing by Jason Neely