ThyssenKrupp will sell its automotive contract assembly unit that produces axle systems for car makers.

The move is part of the company's plan drafted by its chief executive Heinrich Hiesinger to turnaround its business by increasing profits and streamlining its activities.

According to Reuters, ThyssenKrupp has asked BNP Paribas to find a buyer for the unit that has around EUR1bn (US$1.1bn) sales annually. The company has also contacted private equity groups and axle manufacturers for the possible sale.