On July 20, German steelmaker ThyssenKrupp announced that it has completed the sale of the metal forming group to Spanish car parts manufacturer Gestamp Automoción S.L. as a part of its strategic development program.
According to the company statement, after the European Commission concluded that the sale transaction would not cause any competition issues, transfer of ownership and payment took place on July 20, 2011. The parties agreed not to disclose the financial terms.
During the negotiation process for the sale of the Metal Forming, Gestamp Automoción proved to be an outstanding partner being the major player in the automotive supply sector with more than 70 locations and roughly 18,000 employees 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 5,700 people and generated sales of almost €1.1 billion in the fiscal year ended September 30, 2010.