Chassix has signed a definitive agreement to acquire Benteler Automotive Farsund’s lightweight aluminium low pressure automotive casting business.
The operation consists of an automated foundry in Farsund, Norway, designing and producing lightweight aluminium structural castings.
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The company’s casting business produces safety critical components, such as sub frames, swing arms, steering knuckles and rear hubs for luxury brand automotive customers.
“The acquisition of Benteler Automotive Farsund’s casting business accelerates our vertical integration in Europe, provides customer and product diversification, and further enhances our technical capabilities in our core business,” said Chassix president and CEO, Doug DelGrosso.
“The Farsund business is strategically aligned with the Chassix growth plan and provides a strong team to further develop our core competencies of casting and machining chassis, powertrain and sub-frame solutions for global customers.”
For his part, Benteler Automotive CEO, Laurent Favre, added: “The automotive market is rapidly changing. Our ability to anticipate trends and to offer relevant customer solutions is key to our companies’ success.
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By GlobalData“The divestment will allow us to further invest into our core business and leverage upcoming opportunities. We will pursue our strategic plan and will continue to develop electric mobility and provide full system solutions which automotive customers increasingly outsource.
“At the same time, we will systematically leverage future trends such as digitalisation, cooperation with start-ups and invest into growing markets such as China.”
Approval of anti-trust authorities is not required. However, several conditions with regard to customer and supplier contracts still need to be completed before the transfer can be effected.
