German steelmaker ThyssenKrupp has said that it has decided to negotiate exclusively with the Spanish automotive components supplier Gestamp Automoción on the sale of its Metal Forming unit.
Accordingly, ThyssenKrupp has decided to sell Metal Forming as it is 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, with Gestamp Automoción being identified as an outstanding partner, acting in a consortium with a financial investor.
ThyssenKrupp Metal Forming has production plants for high-quality chassis and body components in Germany, France, the UK, Spain, Poland, Turkey and China, generating in sales in 2010 of almost €1.1 billion and achieving a turnaround in its earnings.
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.