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ThyssenKrupp Moves Ahead with Sale of Metal Forming Group

05/03/2011 - ThyssenKrupp and Gestamp Automoción S.L. have signed the sale and purchase contract for the transfer of the Metal Forming Group.

ThyssenKrupp and Gestamp Automoción S.L. have signed the sale and purchase contract for the transfer of the Metal Forming Group.
 
The sale must now be approved by the merger control authorities, which is expected to happen during this summer. The sale must also be approved by the supervisory boards of ThyssenKrupp AG and ThyssenKrupp Steel Europe AG; both boards will be asked for their approval of the transaction in their scheduled meetings in May.
 
Edwin Eichler, CEO of ThyssenKrupp Steel Europe AG, emphasized that the best owner for the Metal Forming Group had been found with Gestamp: “With this new partner, the Metal Forming group will develop both from a technological as well as from a business perspective and will be able to strengthen its important position in the market,” Eichler said.
 
“With the take-over of the Metal Forming Group, we will significantly strengthen our market position in the chassis and body in white areas, which will also improve our position as global player,” said Francisco Riberas, Chairman of Gestamp Automoción. “It perfectly fits our objective to provide innovative products to our customers to their sites all over the world”.
 
ThyssenKrupp Steel Europe initiated negotiations last year with several buyers regarding the disposal of the Metal Forming Group, which the company had identified was no longer part of its core business. An outstanding partner was identified in Gestamp Automoción, 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 Automoción develops and produces metal components and structural parts for auto bodies. Active in 20 countries, it achieved sales of € 3.1 billion in 2010.