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3i leads pounds 170m buyout

3I, THE venture capital group, yesterday said it had led a pounds 170.5m buy-out of eight engineering companies from the National Industries Group of Kuwait to form a new aerospace and orthopaedics business.

3i will take an 80 per cent stake in the new company, to be called The Mettis Group, which is to be listed after three years. The new company will make products from hip and knee replacements to engine blades, with customers including Rolls Royce, Airbus and Johnson & Johnson.