MTU Aero Engines withdraws from Volvo Aero bids

MTU Aero Engines Holding has reportedly withdrawn from the bidding process for Volvo Aero, according to Financial Times Deutschland reports. The company noted that the unit did not fulfil its expectations in terms of return ratios and did not warrant a purchase that may have cost the manufacturer an estimated EUR800 million. The company, in its 2011 financial report, reported a 21% increase in 4Q2011 revenues, marking the fastest pace of revenue growth since the company was listed, with full-year revenue increasing 8.3% to a record EUR2.93 billion. The company has forecast profit growth of up to 12% in 2012 with plans to double revenue by 2020 to around EUR6 billion.