Company News Mar 22, 2005 1:00 AM
Negotiations on the sale of the ThyssenKrupp Federn group abandoned
For several weeks ThyssenKrupp Automotive has been conducting exclusive sales negotiations with HG Capital, one of Europe`s leading private equity companies, on the sale of its springs activity, the Thyssen Krupp Federn group. As part of ThyssenKrupp Automotive`s concentration on core activities, the springs group (2,800 employees, around 350 million euros sales per year) was put up for sale in May 2003. The initially promising talks had recently become increasingly hampered by conflicting views on key contractual aspects. Since it was not expected that a solution could be found in a reasonable period, ThyssenKrupp and ThyssenKrupp Automotive decided to abandon the negotiations. In view of the size of the deal, the risks involved would have been economically unjustifiable. ThyssenKrupp Automotive will develop a future-oriented alternative for the ThyssenKrupp Federn group.
ThyssenKrupp Automotive AG
Executive Affairs/Public Relations
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