Chinese steel maker to buy ThyssenKrupp auto parts unit
ThyssenKrupp said it has agreed to sell its Tailored Blanks unit to Chinese peer Wuhan Iron and Steel as part of a move to shed assets with overall revenues of 10 billion euros (81.6 billion yuan).
ThyssenKrupp Tailored Blanks, the market leader in laser-welded blanks for the automotive industry with a market share of about 40 percent, has annual sales of 5.8 billion yuan and 950 employees worldwide.
Terms of the sale were undisclosed.
The deal adds to a string of deals in which Chinese companies have scooped up German industrial know-how, such as the purchase of machinery manufacturers Schwing by XCMG and Putzmeister by Sany.
Steelmaking conglomerate Thyssen, whose business stretches from submarines to lifts, is in the midst of a restructuring in which it is selling assets to slash debt and refocus the group on its core European business.
It is expected to receive indicative offers for its steel mills in Brazil and the United States on Friday, with companies in the United States, Brazil, China and Korea seen as possible bidders.
Terms of the sale were undisclosed.
The deal adds to a string of deals in which Chinese companies have scooped up German industrial know-how, such as the purchase of machinery manufacturers Schwing by XCMG and Putzmeister by Sany.
Steelmaking conglomerate Thyssen, whose business stretches from submarines to lifts, is in the midst of a restructuring in which it is selling assets to slash debt and refocus the group on its core European business.
It is expected to receive indicative offers for its steel mills in Brazil and the United States on Friday, with companies in the United States, Brazil, China and Korea seen as possible bidders.
