U.K.-based aerospace and automotive company Senior PLC is working with adviser Lazard Ltd. on the potential divestment of its aerostructure unit, Bloomberg reported, citing people familiar with the matter.

Senior is contacting private equity firms and aerospace companies and may seek at least £450 million, Bloomberg said, citing the people who noted that no final decision has been made yet regarding a sale.

A representative for Senior declined to comment, while Lazard was unable to immediately respond to a request for comment by Bloomberg.

The aerostructure unit is part of the company's aerospace division, which accounts for about 70% of overall revenue, according to the company's website, Bloomberg said.