Company News, Capital market-relevant press releases, 2003-05-28, 02:00 AM
ThyssenKrupp Automotive firmly on growth track
ThyssenKrupp Automotive acquires leading French supplier Sofedit effective July 2003
ThyssenKrupp Automotive AG, Bochum, is to acquire the French car parts supplier Sofedit S.A., Saint-Quentin-en-Yvelines, France. The European Commission in Brussels has already approved the acquisition. Sofedit has roughly 4,000 employees and produces automotive stampings and assemblies as well as chassis, body and cockpit modules at eight sites in France and one each in Brazil, Poland and Spain. Using state-of-the-art production technologies such as hydroforming and roll and stretch forming, as well as the newly developed technology of hot stamping, Sofedit has sales of just under 600 million euros p.a. Sofedit is a successful business but lacks the finance to fund further growth.
The acquisition of Sofedit strengthens ThyssenKrupp Automotive`s leading positions in the Body and Chassis businesses. The ThyssenKrupp Automotive companies engaged in the Body and Chassis businesses generate total worldwide sales of 4.5 billion euros. The purchase underlines ThyssenKrupp Automotive`s goal to expand its position as a global automotive supplier through internal and external growth.
Body and chassis stampings and assemblies are the core business of ThyssenKrupp Automotive in the USA, the UK, Brazil and Germany. The acquisition of Sofedit will improve access to the market for body and chassis products in France.
Until now ThyssenKrupp Automotive`s main business in France has been in powertrain and steering products. The move will also intensify customer relations with Renault and PSA. The acquisition of Sofedit keeps ThyssenKrupp Automotive firmly on growth track as a global partner to the automobile industry.
ThyssenKrupp Automotive already ranks among the world`s major automotive suppliers, with around 120 production sites in 16 countries manufacturing tailor-made components, modules and systems for the body, chassis and powertrain areas in all key markets. ThyssenKrupp Automotive is world market leader in body parts, engine components such as crankshafts and assembled camshafts, and electronic, electrical and mechanical steering columns and steering systems. The company also leads the way in air spring and suspension systems, axles and complete chassis. In fiscal 2001/2002 ThyssenKrupp Automotive employed around 38,000 people and achieved sales of over 6.3 billion euros.
ThyssenKrupp Automotive AG
Phone: +49 2 34 9 19 60 12
Fax +49 2 34 9 19 60 15