British engineering company Tomkins Ltd. is reportedly working with banks including Goldman Sachs Group Inc. on a sale or initial public offering. Tomkins manufactures auto parts and industrial products.

Sources told Bloomberg that Tomkins could fetch at least USD6 billion in the possible deal. Goldman Sachs will help Tomkins find a buyer starting in February, or lead the IPO if the company decides to go public.

According to the report, Tomkins is more likely to go with an IPO because of its size and a relative dearth of competitors in the industry. Toronto-based private equity firm Onex Corp. and the Canada Pension Plan Investment Board bought Tomkins for USD4.5 billion in 2010.

Tomkins owns Gates Corp., a provider of power transmissions and fluid-transfer products. It also owns Aquatic, a producer of acrylic bathtubs and showers, Bloomberg said.

Investment groups Citigroup Inc. and Bank of America Corp. would have prominent underwriting roles on an initial share sale. Credit Suisse Group AG and Deutsche Bank AG would also be involved in underwriting the IPO, the report said.