Capital market-relevant press releases, 2007-11-19, 02:00 PM
ThyssenKrupp Services purchases Apollo Metals Group
Duesseldorf-based ThyssenKrupp Services AG is expanding its aerospace materials services activities by acquiring a 100-percent stake in the UK-based company Apollo Metals Group, which includes Aviation Metals for an undisclosed fee from Murray International Holdings, UK. Apollo provides high-grade products such as aluminium, stainless steel and non ferrous metals with value-adding processing services predominantly for aerospace manufacturers and their supply chains.
The acquisition is subject to the approval of the Supervisory Boards and the Competition Authorities. It is anticipated that the transaction will be completed before the end of this year.
The acquisition will combine Apollo’s largely European and Far Eastern businesses with ThyssenKrupp Services’ largely USA based operations to form a global enterprise with 30 locations in 13 countries and a turnover in excess of $700m. Apollo’s CEO Stuart Wilkins is appointed President of the new division, which will be called ThyssenKrupp Aerospace.
The new business recognises the increasing international nature of the aerospace supply chain and creates the first global service provider able to offer products and services on a world-wide basis whilst tailoring local processing and delivery services to meet the needs of each customer individually.
Says Joachim Limberg, Vice Chairman of the Executive Board member at ThyssenKrupp Services: "The expansion of the aerospace business has a great strategic significance for us. With our supply chain management solutions we already have a strong footing in the aerospace industry. This acquisition secures us a worldwide access to all the well-known aircraft manufacturers and their key suppliers. This is an important and sustained step as an internationally recognized systems supplier to the aerospace industry."
At present, ThyssenKrupp Services is supplying the aerospace industry with subsidiaries in Brazil, France, the UK, Germany, and North America. In 2006 it acquired the aerospace distribution interests of Alcoa which included business in the UK, Europe and the USA.