Graeme Hart's Rank Group may sell US auto parts businesses, Reuters says

Thu, 26 Jun 2014

By Tina Morrison June 27 (BusinessDesk) - Graeme Hart's Rank Group may sell its US auto parts businesses as New Zealand's richest man seeks to reduce debt, Reuters reported, citing people familiar with the matter who asked not to be identified. Auckland-based Rank Group declined to comment to BusinessDesk. Rank has spoken to investment banks in recent weeks about potentially selling two automotive aftermarket companies, UCI International and FRAM Group Holdings, Reuters said. Rank acquired UCI for US$980 million and FRAM Group for US$950...

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