Capital market-relevant press releases, 2011-07-20, 02:30 PM
Further step implemented in the strategic development of ThyssenKrupp: Sale of Metal Forming group to Gestamp Automoción of Spain completed
On May 13 ThyssenKrupp AG decided on an integrated strategic development program to move the Group forward competitively and sustainably. The strategic development program encompasses portfolio optimization, change management, and performance enhancement. The goals are to reduce debt, enable growth, increase income, and create value.
As part of the optimization of the portfolio, the Group will be divesting businesses for which there are stronger alternative strategic options. In this connection a further milestone has been reached:
The sale of the Metal Forming group to Gestamp Automoción S.L. of Spain has been completed. After the European cartel authorities gave the go-ahead, transfer of ownership and payment (closing) took place on July 20, 2011. The parties have agreed not to disclose the financial terms. Dr. Heinrich Hiesinger, Executive Board Chairman of ThyssenKrupp AG, explains the significance of the transaction for the Group: “As part of the process of focusing on our core businesses, we are looking for solutions for businesses for which there are stronger alternative strategic options outside the Group. Following the successful placement of treasury stock, the disposal of Metal Forming represents a further contribution to improving the Group’s financial flexibility. ThyssenKrupp will systematically implement the announced measures”.
The Metal Forming group was no longer part of the core business of the ThyssenKrupp Steel Europe business area. For this reason the Group began negotiations on the sale of the company with potential buyers. Based on the best-owner principle, Gestamp Automoción proved to be an outstanding partner. Gestamp is a major player in the automotive supply sector with more than 70 locations and roughly 18,000 employees worldwide. In 2010 the company generated sales of around €3.1 billion in 20 countries in developing and producing metal components and structural parts for auto bodies.
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 generated sales of almost €1.1 billion in the fiscal year ended September 30, 2010.