FCA says it has entered into an agreement with Tupy for the sale of the automaker’s global cast iron automotive components business, which is operated through FCA’s subsidiary Teksid.
Tupy is a player in the cast iron industry specialising in developing and manufacturing structural cast iron components for several applications in capital goods serving different industries.
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The proposed sale includes Teksid’s cast iron production facilities in Brazil, Mexico, Poland and Portugal, in addition to its interest in a joint venture in China.
Teksid’s aluminium business is not included in the transaction and will remain an asset in FCA’s portfolio. The agreement values the business at EUR210m (US$233m) enterprise value.
Consideration, subject to customary purchase price adjustments will be paid at closing expected in the second half of 2020. The proposed transaction is subject to customary closing conditions, including the receipt of antitrust approvals.
“Tupy has always been a strategic supplier in the cast iron structural components industry,” said FCA global chief manufacturing officer, Scott Garberding.
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By GlobalData“Together, Teksid and Tupy will continue to develop new technologies to support the success of our products. The proposed transaction represents another step in the implementation of FCA’s business plan.”
