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ThyssenKrupp Continues to Negotiate Sale of Metal Forming to Gestamp

03/02/2011 - ThyssenKrupp has decided to negotiate exclusively with Gestamp Automoción S.L., Spain, on the sale of the company’s Metal Forming group.

ThyssenKrupp has decided to negotiate exclusively with Gestamp Automoción S.L., Spain, on the sale of the company’s Metal Forming group.
 
ThyssenKrupp AG’s executive board has confirmed its intent to sell the Metal Forming Group to Gestamp and to approve entering into a corresponding share purchase agreement with Gestamp. The next step in that process is conducting the employee information and consultation processes.
 
ThyssenKrupp Steel Europe had conducted negotiations last year with some potential buyers for the Metal Forming group, which is no longer part of ThyssenKrupp’s core business. As a result of the initial negotiations, the company identified Gestamp Automoción, which had been acting in a consortium with a financial investor, as an outstanding potential partner. Gestamp is a major player in the automotive supply sector with more than 70 locations worldwide.
 
ThyssenKrupp Metal Forming has production plants for high-quality chassis and body components in Germany, France, the UK, Spain, Poland, Turkey and China. The group employs around 5700 people and in the fiscal year ended September 30, 2010 generated sales of almost €1.1 billion and achieved an earnings turnaround.
 
With currently around 18,000 employees, Gestamp develops and produces metal components and structural parts for auto bodies. Active in 18 countries, it achieved sales of around €3 billion in 2010.