TKS obtains full ownership of Spanish Galmed
Germany's steelmaker ThyssenKrupp Stahl AG announced in a statement that it signed a contract with European producer Arcelor group. This agreement allows ThyssenKrupp to acquire 75.5% shares of the Spanish hot dip galvanizer Galmed and become the full owner of the company. 24.5% of Galmed was already purchased by ThyssenKrupp in 1993.
Galmed, with an annual capacity of 400'000 mts, will provide direct access to ThyssenKrupp Stahl to the high-growth Spanish automobile market. Company officials evaluate this as an opportunity to improve their internationalising downstream activities strategy.
Arcelor had to sell its shares in Galmed due to its commitments to regularity authorities of the EU Commission. Share transfer will be effected upon receipt of the Commission's approval of contract.