Company News, Capital market-relevant press releases, 2003-10-06, 02:00 AM
ThyssenKrupp Automotive buys DaimlerChrysler`s steering system business
Phased takeover of Mercedes-Benz Lenkungen GmbH by ThyssenKrupp Automotive
ThyssenKrupp Automotive and DaimlerChrysler will be working together in the field of steering gears and complete steering systems in the future after agreeing a deal under which ThyssenKrupp Automotive will initially buy 60 percent of Mercedes-Benz Lenkungen GmbH (MBLenk), Düsseldorf.
The MBLenk group has three production plants in Germany - Düsseldorf, Mülheim/Ruhr and Schönebeck, Saxony-Anhalt. In addition it has production sites in Poland, Brazil and the USA and a development center in Esslingen. The group has sales of just under 300 million euros and employs approximately 1,600 people.
Combining the activities of MBLenk and ThyssenKrupp Presta, a subsidiary of ThyssenKrupp Automotive AG, will create a powerful global supplier of complete steering systems well placed to meet the future challenges of the market through the pooling of the two companies` production and research activities in both the car and truck sectors. The aim of the strategic alliance is to reach new markets and new customers and advance further into new areas of technology, e.g. electric power assist steering systems.
The second step of acquiring the remaining 40% is to follow in two years at the earliest.
The capabilities of Mercedes-Benz Lenkungen GmbH will complement the product portfolio of ThyssenKrupp Automotive. For DaimlerChrysler the move represents a further concentration on its core business. The strategic alliance is expected to promote the company`s long-term growth and strengthen its competitiveness on a sustainable basis.
The contract has already been signed and is now subject to the regulatory approval procedure of the EU Commission.
ThyssenKrupp Automotive ranks among the world`s major automotive suppliers, with over 120 production sites in 17 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, as well as 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.
Already since the merger between Thyssen and Krupp in 1999, companies with sales of 2.6 billion euros have been divested and businesses with sales of 4 billion euros have been acquired. Further divestitures with sales of around 7 billion euros are planned. Through organic growth and selective strategic acquisitions, ThyssenKrupp aims to achieve total sales of 40 to 46 billion euros in the medium term.
ThyssenKrupp Automotive AG
Tel.: + 49/234/919-6012
Fax: + 49/234/919-6014