ThyssenKrupp in Talks to Sell Federn Auto Suspension Unit
ThyssenKrupp AG (TKA), Germany’s largest steelmaker, is in talks with two potential buyers for the Federn automotive suspension business as it concentrates on chassis development.
ThyssenKrupp is in discussions to sell Federn’s non- European assets to Sogefi SpA (SO) and the European business to Max- Aicher Gruppe, the Essen-based company said in an e-mailed statement to Bloomberg. The Federn unit employs 2,800 people and has factories in countries including Germany, Brazil and China.
Sogefi will make a decision on an offer for the assets, which include plants in Mexico, Brazil and China and may be worth around 100 million euros ($128 million), by the end of July, said a person familiar with the negotiations, who declined to be identified discussing private talks.
The Italian car-parts maker is “very prudently looking at ThyssenKrupp’s dossier to see if it’s possible to make an acquisition,” Chief Executive Officer Emanuele Bosio told reporters in March. A spokesman for Sogefi, whose customers include PSA Peugeot Citroen, Ford Motor Co. and Fiat SpA (F), declined to comment on the matter today beyond Bosio’s statement.
ThyssenKrupp rose 25 cents, or 1.6 percent, to 16.01 euros in Frankfurt, reversing earlier losses of as much as 6.3 percent. Sogefi rose 1.7 percent in Milan trading.
Sogefi is 57 percent owned by Carlo De Benedetti’s Compagnie Industriali Riunite holding company, according to Bloomberg data. The manufacturer last year bought the French division of U.S. component manufacturer Mark IV LLC to expand outside Europe.
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