Troy, Mich.,-based ThyssenKrupp Budd Co., which has been selling and closing plants throughout the year, is in the process of selling its last line of business -- a group of plants that produces body and chassis operations components for the automotive industry.
ThyssenKrupp Budd is part of Düsseldorf, Germany-based ThyssenKrupp AG, a $51 billion manufacturer of steel, stainless steel, elevators and automotive components.
ThyssenKrupp Budd's body and chassis plants employs about 4,000 at plants in Michigan, Kentucky, Tennessee, Mississippi and Ontario, Canada, and has annual sales of more than $1 billion.
The plants supply shock absorbers, coil springs, axles and control arms to the automotive industry.
In a conference call with investors on Aug. 11, ThyssenKrupp CFO Stefan Kirsten said "With regard to the body and chassis business in the U.S., we are, again, in the final stage of negotiations. We do sincerely hope that we can conclude this in a timely manner. Let's say, hopefully, within the fiscal year."
ThyssenKrupp Budd, which once oversaw about $2 billion in sales, has been shedding plants throughout the year that were seeing sales declines or were considered non-core businesses. So far this year ThyssenKrupp Budd:
- Announced in July the sale of its plastics materials manufacturing and molding operations to Bingham Farms-based Continental Structural Plastics.
- Announced in June the sale in June of ThyssenKrupp Stahl Co., an aluminum castings division, to Speyside Equity L.L.C., a Delaware private-equity firm.
- Announced in May plans to close its metal stamping plant in Detroit at 12141 Charlevoix by the end of the year.
- Transferred oversight of ThyssenKrupp Waupaca Inc., a group of six castings plants based in Waupaca, Wisconsin, to Bochum, Germany-based ThyssenKrupp Automotive AG.
You may e-mail Brent Snavely at [email protected]