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ThyssenKrupp Budd Sells North
American Automotive Body and Chassis Operations to Martinrea
International
ThyssenKrupp Budd Company today
announced that it has agreed, in principle, to sell its North
American automotive body and chassis operations to Martinrea
International, Inc., of Vaughan, Ontario, Canada. The agreement
is expected to be finalized by the end of the year.
The purchase price is $275
million, which consists of $95 million in cash and the remainder
in assumed liabilities. Annual sales from the sold operations
are approximately $1.25 billion.
The sale is in line with recent
announcements by ThyssenKrupp AG to sell its North American
automotive body stamping and chassis operations. ThyssenKrupp
Budd said it will make every effort to provide a smooth and
efficient transition of the approximately 3,500 affected
employees and facilities to the new owner.
Included in the sale are plants in
Hopkinsville and Shelbyville, Ken., Kitchener, Ont., and
Hermosillo, Mexico.
The Hopkinsville plant
opened in 1998, employs 404 and produces chassis frame modules,
components and suspension assemblies.
The Kitchener facility,
opened in 1967, employs 941 and builds full sized chassis frames
and frame components, bumpers and bumper reinforcements.
The Shelbyville plant,
built in 1987, employs 490 and produces sheet metal automotive
body stampings and assemblies, such as doors and fenders.
The Hermosillo facility,
opened in 2005, employs 473 and assembles chassis products, such
as engine cradles. In addition, six plants operated by
ThyssenKrupp Fabco and three operated by ThyssenKrupp Budd
Systems are part of the transaction. A technical center in
Auburn Hills, Mich., is also included.
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