GERMANY: ZF 'welcomes' acquisition of GM Strasbourg plant by Punch Metals
"We see industrial logics in the acquisition of the GM plant by Punch," said ZF's Chief Executive Officer, Dr. Stefan Sommer.
"The free production capacities will help us to meet the high demand for our fuel-saving automatic transmissions."
GM and Punch Metals International, a company of the industrial investor Guido Dumarey, reached an agreement at the end of December that secures the long-term future of the GM Powertrain operations in Strasbourg, France.
Punch Metals will acquire the entire Strasbourg operations from GM, including the production plant, the engineering centre and the die casting operation. All current employees of the operations will be maintained by the new owner.
In addition, the transaction includes a long-term supply agreement with ZF - ZF will purchase transmissions (8-speed automatic transmissions) from the Strasbourg facility.
GM said that it will continue to be a customer of the Strasbourg operations during the 2013/2014 period in order to enable the facility to maintain a robust level of activities and to provide for a smooth transition to the new ZF-based product line without impact on employment.
Punch Metals says it plans to make substantial investments into the facility in order to further upgrade its capabilities with the objective to attract additional profitable business from other customers.
The sale is expected to be completed in early 2013.
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