MADRID, July 20, 2011 /PRNewswire/ --
Gestamp Automoción S.L., the international Group dedicated to the design, development and manufacture of metal components and structural systems for the automotive industry, announces that the sale and purchase agreement between ThyssenKrupp AG and Gestamp Automoción for the transfer of the ThyssenKrupp Metal Forming companies, has become effective today. The acquisition has been cleared by the merger control authorities of the European Union.
Francisco Riberas, President and CEO of Gestamp Automoción, declared: "We have a lot of opportunities ahead of us. Combining our global manufacturing footprint, technological capabilities and our financial strength, the new Gestamp Group has become a strong player in the Auto Industry." The acquisition is another important step of Gestamp's growth path. Furthermore, the acquisition will strengthen Gestamp's operations in established countries such as Germany, the UK and France as well as in emerging markets like Turkey and China.
Tallent Ltd, the Metal Forming group subsidiary in the UK, will benefit from being part of an organization with a focus on the same core Body-in-White and Chassis businesses. "The teams are working closely together to drive the integration process. Leveraging revenue synergies and setting the base for accommodating future growth are key objectives of the integration", said Francisco Riberas.
Employing around 5,700 employees, ThyssenKrupp Metal Forming achieved sales of £990 million in the fiscal year of 2010. The group has production sites in Germany, France, UK, Spain, Poland, Turkey and China. Tallent Ltd, contributed with £305 million in 2010.
About Gestamp Automoción
Gestamp Automoción is an international group serving all key automotive OEMswith three major business lines: Body-in-White, Chassis and Mechanisms.Including ThyssenKrupp Metal Forming operations, the group employs more than 23,000 employees and expects to achieve revenues of more than £4.5 billion in 2012. The resulting Group operates more than 90 manufacturing sites in Europe, North- South America and Asia.
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SOURCE Gestamp Automoción