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Tuesday, June 7, 2011

Onex-backed Tomkins to sell auto safety unit-sources, (BARC), (NYSE: GS), (TSE: OCX)

British industrial group Tomkins has put its Schrader automotive safety component business on the auction block, nearly a year after the company was taken private in a $5 billion leveraged buyout, people familiar with the matter said. Barclays Plc's (BARC.L) Barclays Capital and Goldman Sachs Group Inc (GS.N) are running the Schrader sale, which is expected to fetch less than $1 billion, these people said. Canada's biggest private equity firm, Onex Corp (OCX.TO), and the Canada Pension Plan Investment Board (CPPIB), which manages the country's national pension fund, bought Tomkins Plc for $5 billion, including debt late last year, in one of 2010's largest leveraged buyouts. The Schrader division makes tire pressure monitoring systems, a rapidly growing segment of the auto industry thanks to tighter safety regulations around the world that require systems that prevent tire failure.

Shares of GS fell by 0.68% or $-0.91/share to $132.99. In the past year, the shares have traded as low as $129.50 and as high as $175.34. On average, 5697500 shares of GS exchange hands on a given day and today's volume is recorded at 6198324.