Engineering group Ricardo said it had agreed to sell its Chicago technical facility to US manufacturer Power Solutions International for $5.5m. Ricardo said it would relocate its heavy-duty test operations to its existing facilities in Detroit.
Ricardo and PSI also entered into a strategic technology relationship, where Ricardo would share its expertise in advanced engine development and concepts to support PSI's expansion into such areas.
The transaction was expected to close on 2 April 2018.
At 9:39am: (LON:RCDO) Ricardo PLC share price was +10p at 970p
Alongside tech, one of the few major industries that the LSE lacks significant exposure to is car makers. But domestic investors willing to dig around a bit will find at least two fast-growing firms that cater to the auto industry. They may be even better picks than the car producers themselves.
With the FTSE 100 having risen to record levels this year, it's unsurprising that the valuations of some stocks now seem excessive. After all, investor sentiment is currently very bullish and this could cause the stock market to overestimate the potential returns available. It may also mean that risk is being underestimated.
With that in mind, here's one stock which seems to be overvalued and could be worth selling in order to buy oil producer Premier Oil (LSE:PMO).