The creditor board of insolvent German auto supplier Edscha has approved the sale of its body parts unit to Spanish car parts maker Gestamp.
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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.
