Indian company buys David Brown division

Applied Products includes the Radicon and Benzlers brands and a facility in Thailand.

David Brown said the sale would enable it to "focus fully on areas that it has identified as strategic and high growth", including wind, mining, rail, aftermarket, oil and gas, conventional power and solar.

The company said Applied Products would "benefit significantly from Elecon's ownership through increased investment, the ability to fully utilise the group's extensive supply chain and to leverage the strength of its brands".

Geoff Charlson, chief executive of David Brown, said: "I am delighted that we have reached agreement with Elecon in the sale of our Applied Products business. I believe this is a great opportunity for both Elecon and our colleagues within Applied Products to optimise value.

"The sale being part of our long-term strategy in the development of David Brown allows us to increase our focus and resources on accelerating our ambitious global growth plans."

David Brown is famous for tractor production and its ownership of Aston Martin. The company also made gearboxes for Spitfire fighter planes.