LONDON -- Britain's GKN is to revamp its aerospace business, reorganizing it into one group focused on aerospace structures and another on propulsion and special products, the company said on Thursday.
The move comes as GKN awaits regulatory approval for the 1.06 billion pound ($1.9 billion) sale of its 50-percent stake in helicopter maker AgustaWestland to Finmeccanica of Italy.
GKN said in a statement Chief Executive Kevin Smith would take board responsibility for the aerospace units.
It said it would also cluster its automotive businesses, with Ian Griffiths, managing director of GKN Driveline, being appointed group managing director of the unit, GKN Automotive.
The changes take effect October 1.
GKN shareholders on Wednesday approved the sale of its stake in AgustaWestland, a move agreed in July which will leave GKN focused mainly on automotive components.