ThyssenKrupp has announced that it has decided to negotiate exclusively with Spanish metal components and structural parts supplier Gestamp Automoción S.L. on the sale of the German company’s Metal Forming group.The executive board of ThyssenKrupp has confirmed its intent to sell the Metal Forming group to Gestamp and to approve entering into a corresponding share purchase agreement with Gestamp. As the next step, employee information and consultation processes will be conducted.The Metal Forming group is viewed as being no longer part of the core business of ThyssenKrupp Steel Europe. For this reason negotiations on the disposal were conducted with some potential buyers last year.ThyssenKrupp says an outstanding partner was identified in Gestamp Automoción, acting in a consortium with a financial investor.ThyssenKrupp Metal Forming has production plants for 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 generated revenue of almost €1.1bn (US$1.52bn), also achieving an earnings turnaround.Gestamp currently has around 18,000 employees, is active at 70 locations in 18 countries and generated revenue of around €3bn in 2010.
Source : Automotive World