Company News, 2011-03-01, 02:58 PM
Negotiations on the sale of Metal Forming continue with Spanish company Gestamp
ThyssenKrupp has decided to negotiate exclusively with the Spanish Gestamp Automoción S.L. on the sale of the Metal Forming group. The executive board of ThyssenKrupp AG has confirmed its intent to sell the Metal Forming Group to Gestamp and to approve entering into a corresponding share purchase agreement with Gestamp; as the next step the employee information and consultation processes will be conducted. The Metal Forming group is no longer part of the core business of ThyssenKrupp Steel Europe. For this reason negotiations on the disposal were conducted with some potential buyers last year. An outstanding partner was identified in Gestamp Automoción, acting in a consortium with a financial investor. Gestamp is a major player in the automotive supply sector with more than 70 locations worldwide.
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 in the fiscal year ended September 30, 2010 generated sales of almost €1.1 billion and achieved an earnings turnaround.
With currently around 18,000 employees, Gestamp develops and produces metal components and structural parts for auto bodies. Active in 18 countries, it achieved sales of around €3 billion in 2010.