Morgan Stanley has completed the final significant asset sale in a £1bn-plus (€1.5bn) disposal programme for Invensys, the debt-laden UK engineering group.

The sale of Hansen Transmissions, a Belgian manufacturer of gearboxes for wind turbines, to Allianz Capital Partners, the direct investment arm of Germany's Allianz Group, for €132m ($158m), takes Invensys' debts to below the £1bn mark - £986m - for the first time in the company's six year history. A year ago it stood at £1.3bn.