Capital market-relevant press releases, 2008-01-21, 09:30 AM
Best owner found for ThyssenKrupp Präzisionsschmiede
As part of its proactive portfolio perfection process, ThyssenKrupp Technologies has found a best owner for its precision forge operations ThyssenKrupp Präzisionsschmiede.
The purchaser is the India-based Sona Group, with 1,500 employees and annual sales of 200 million Euro specializing in the production of steering systems, rear axle components and forgings for transmissions, engines and drive trains. In taking over the precision forging shops, Sona is pursuing its goal of establishing worldwide operation in this market to become a Market Leader to service Customers globally.
The Sona Group operates 9 component manufacturing plants in India at 5 locations and holds a strategic minority stake in Fuji Autotech, Europe which has operations in France, the Czech Republic and Brazil.
ThyssenKrupp Präzisionsschmiede is one of the foremost companies in the development and production of forged parts for cars and trucks. The product range comprises precision forgings, Hatebur products and heavy-duty components. At its four locations in Germany (Remscheid, Wanheim, Munich) and the United States (Selma), the company has a worldwide workforce of around 1,760 and in fiscal 2006/07 generated sales of 290 million Euro.
Its new family offers ThyssenKrupp Präzisionsschmiede outstanding preconditions for continuing and internationally expanding its successful operations.
The acquisition takes economic effect retroactively as of October 1, 2007. The acquisition is scheduled to be closed in late January.