GERMANY: Edscha body parts unit goes to Gestamp
The creditor board of insolvent German auto supplier Edscha has approved the sale of its body parts unit to Spanish car parts maker Gestamp.
An Edscha spokeswoman confirmed this to Financial Times Deutschland but would not comment on the purchase price. According to financial sector sources, it is near the three-digit million euro range.
This was another step towards the liquidation of Edscha, which was established in 1870. In August insolvency administrator Joerg Nerlich sold the smaller division for convertible roofs to sunroof specialist Webasto.
The bodywork products division reported revenue of EUR707m in fiscal 2007/08. It has 4,300 employees worldwide, 1,300 of whom in Germany. According to industry sources, Indian conglomerate Ruia, Portuguese car parts supplier Sodecia and German private equity firm Orlando Management were also bidding to acquire it in the last round.
To Ebbsfleet for the Eurostar and Paris. The flash across the French landscape to Gare de Nord was monochrome. White sky, white fields, buildings, trees and hedges. It was a seamless, sideways-scrolli...
German's competition authorities are to scrutinise Magna International's planned purchase of the convertible roof business of insolvent rival Karmann....
- Auto business confidence hit but holding up
- New Astra Sports Tourer & future Opel/Vauxhalls
- Recalls redux - the week that was
- Brexit could lift UK auto production – Asian view
- FCA realigns its global manufacturing footprint
- General Motors re-thinks India strategy - report
- Tesla drops Mobileye in wake of Autopilot issue
- Mixed reaction to Tesla's latest plans
- Ford rolls out MY2017 smartphone integration
- Nissan Kicks making world debut in Olympics Brazil