ThyssenKrupp said it had had decided to negotiate exclusively with Spain’s Gestamp Automoción for the sale of the metal forming group.
ThyssenKrupp’s board confirmed its intent to sell the group to Gestamp and approved entering a corresponding share purchase agreement with Gestamp; as the next step the employee information and consultation processes will take place.
Metal forming is no longer part of the core business of ThyssenKrupp Steel Europe and negotiations on the disposal were conducted with some potential buyers last year. Gestamp Automoción, acting in a consortium with a financial investor, was selected as the buyer. It is a major player in the automotive supply sector with more than 70 locations worldwide.
ThyssenKrupp Metal Forming makes chassis and body components in Germany, France, the UK, Spain, Poland, Turkey and China. The group employs around 5,700 people and in the fiscal year ended 30 September 2010 booked sales of almost EUR1.1bn and achieved an earnings turnaround.
Gestamp has around 18,000 workers and develops and produces metal components and structural parts for auto bodies. Active in 18 countries, it had sales of around EUR3bn in 2010.