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ThyssenKrupp Sells Automotive Systems Industrial do Brasil to Magna International
12/08/2011 - ThyssenKrupp AG has sold Automotive Systems Industrial do Brasil to Cosma International, an operating unit of Magna International Inc.
ThyssenKrupp AG has sold Automotive Systems Industrial do Brasil to Cosma International, an operating unit of Magna International Inc. The closing took place on Tuesday, December 06, 2011.
Sale of Automotive Systems Industrial do Brasil supports the integrated strategic development program adopted by the company earlier this year, which was to include encompass portfolio optimization, change management and performance enhancement. In connection with portfolio optimization, the Group planned to divest businesses for which there are stronger alternative strategic options.
Cosma International is a leading global metal-forming supplier and part of Magna International Inc., one of the world’s most diversified automotive parts suppliers. Magna’s 2010 sales was approximately USD $24 billion. Magna has 275 manufacturing operations and 85 product development, engineering and sales centers in 26 countries and employs around 107,000 people. The acquisition of Automotive Systems Industrial do Brasil further expands Cosma’s market presence in South America.
Automotive Systems Industrial do Brasil is a major manufacturer of chassis components for the Brazilian automotive market. The company, which has locations in Sao Bernardo do Campo, Ibirité, Camacari and Sao José dos Pinhais, generated sales of €194 million in fiscal 2011/2011 and has around 770 employees.
