ThyssenKrupp Sells Metal Forming Unit to Gestamp
On Friday, April 29, 2011, ThyssenKrupp and Gestamp Automoción S.L. signed the sale and purchase contract for the transfer of the Metal Forming Group. As next steps, the merger control authorities will have to grant their approval of the transaction, which is expected to happen during this summer. The supervisory boards of ThyssenKrupp AG and ThyssenKrupp Steel Europe AG will be asked for their approval of the transaction in their scheduled meetings in May.
Edwin Eichler, CEO of ThyssenKrupp Steel Europe AG, emphasised that with Gestamp, the best owner for the Metal Forming Group was found: “With this new partner, the Metal Forming group will develop both from a technological as well as from a business perspective and will be able to strengthen its important position in the market”, Eichler said.
Francisco Riberas, chairman of Gestamp Automoción declared that: “With the take-over of the Metal Forming Group, we will significantly strengthen our market position in the chassis and body in white areas, which will also improve our position as global player. It perfectly fits our objective to provide innovative products to our customers to their sites all over the world”.
The Metal Forming Group was no longer part of the core business of ThyssenKrupp Steel Europe. For this reason negotiations on the disposal were conducted with some buyers last year. An outstanding partner was identified in Gestamp Automoción. Gestamp is a major player in the automotive supply sector with more than 70 locations worldwide.
ThyssenKrupp Metal Forming has production plants for high-quality chassis and body components in Germany, France, the UK, Spain, Poland, Turkey and China. The group employs around 5,700 people and in the fiscal year ended September 30, 2010 generated sales of almost €1.1 billion and achieved an earnings turnaround.
With currently around 18.000 employees, Gestamp Automoción develops and produces metal components and structural parts for auto bodies. Active in 20 countries, it achieved sales of € 3,1 billion in 2010.