ArcelorMittal says it has sold its 35% stake in Gestamp Automoción to majority shareholder, the Riberas family, for a total cash consideration of EUR875m (US$982m).

The transaction is unconditional and payment is expected to be made to ArcelorMittal within six months. In addition to the cash consideration, ArcelorMittal will receive a payment of EUR10m as a 2015 dividend.  

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ArcelorMittal entered into a joint venture with the Riberas family in 1998 with the intent of developing, through Gestamp, the business of stamping, assembly and welded blanks for (OEMs).

Gestamp now operates 95 plants in 20 countries, supplying body-in-white, chassis structures, opening systems and mechanisms to all the major car manufacturers from Europe, the Americas and Asia.

ArcelorMittal will continue its supply relationship with Gestamp through its 35% shareholding in Gonvarri, a sister company of Gestamp.

ArcelorMittal sells coils to Gonvarri for processing before they pass to Gestamp and other customers.

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Also, ArcelorMittal will continue to have a board presence in Gestamp, collaborate in automotive R&D and remain its major steel supplier. 

“The sale of our stake in Gestamp unlocks substantial value for ArcelorMittal’s shareholders and is consistent with our stated strategy of portfolio optimisation,” said ArcelorMittal Europe and group CFO, Aditya Mittal.

“Most importantly, our major supplier relationship with Gonvarri and Gestamp is unaffected by this transaction and we will continue to work together to supply automotive OEMs with automotive steel products.”