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ThyssenKrupp Says Waupaca Casting Division Sale Is on Track |
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Released on January 20, 2012
ThyssenKrupp AG, Essen, Germany, recently reported to its shareholders that promising bids from potential buyers of its Waupaca, Wis., based metalcasting division currently are being evaluated.
According to the company, the casting division is being sold to free up capital for investment in growth and its technologies businesses in the medium and long term. The company said in a statement it is disposing of businesses for which there are stronger alternative strategic options.
"In the long term, we see ThyssenKrupp as a diversified industrial group with several strong businesses in attractive growth markets,” said Heinrich Hiesinger, chairman of the executive board of ThyssenKrupp. “This also means we want to further reduce our dependence on individual businesses and regions. In the future, we will be focusing on our technology businesses even more strongly than in the past.”
ThyssenKrupp reported the integration of its chassis businesses also has started and that a small part of the group, the spring and stabilizer business, has been sold. Its Brazilian automotive systems business, metal forming group and the Xervon group have been sold, as well. The company has signed a sale and purchase agreement for ThyssenKrupp Marine Systems.
"Around the world, there is rising demand for consumer and capital goods, infrastructure, energy and raw materials,” Hiesinger said. “But set against these demands for more is the finite nature of our natural resources.”
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