Dubai’s sovereign wealth fund Dubai International Capital (DIC) is putting Doncaster, one of Britain’s oldest engineering manufacturers, up for auction for around GBP1.2 billion. Private equity firms and turnaround firms have been invited to bid for the 238-year old business. The business has suffered a downturn as sales slipped more than 6% last year to GBP637.4m and EBITDA tumbled 12% to GBP119.7m. Doncasters, which traces its roots to the birth of the British steel industry, makes specialised parts for aeroplane engines and industrial gas turbines. Its sales have been hit by the depressed oil price, as its customers cut back on new machinery investments. DIC purchased the business in 2006 for GBP700 million. (Bloomberg)