ThyssenKrupp has announced the sale of its Tailored Blanks subsidiary to the Wuhan Iron and Steel Corporation (WISCO). The sale is part of the company’s strategic development program which was announced on May 13, 2011.
The Tailored Blanks subsidiary is a major provider of body systems for the auto industry. A range of products are manufactured from individual steel sheets. These sheets belong to different grades, finishes and thicknesses and laser welding is employed for joining the final products. These products are specifically designed to achieve savings in cost and material. The blanks are used in body parts and are designed to withstand the stresses experienced by the parts.
ThyssenKrupp Tailored Blanks is a global group that has been in the business of manufacturing tailored blanks. It has 13 plants that are located in the USA, Germany, Turkey, Mexico, Italy, Sweden and China. The company has garnered approximately 40% of the global market share. In 2011, it had produced around 58 million automotive parts, and sales in the fiscal year were around €700 million. The company employs approximately 950 people.
The sale of Tailored Blanks to WISCO will be based upon the approval of regulatory authorities and supervisory bodies. The purchase price has not been disclosed. ThyssenKrupp is optimizing its portfolio and this divestment is a part of the strategic process. So far, the group is proceeding as intended and has closed or signed deals for most of its businesses, which will be disposed.
Source: http://www.thyssenkrupp.com/