ThyssenKrupp Budd Company today announced it has completed the sale of its North American automotive body and chassis operations to Martinrea International, Inc., of Vaughan, Ontario, Canada. Martinrea, a Tier 1 automotive supplier, is engaged in the production of metal parts, assemblies, modules and fluid management systems.
The transaction was announced October 16.
The purchase price was $275 million, which consists of $95 million in cash and the remainder in assumed liabilities.
Annual sales from the sold operations were approximately $1.25 billion.
The names of the sold facilities will be changed to reflect Martinrea ownership.
Plants affected include those in Hopkinsville and Shelbyville, Ky.; Kitchener, Ontario, and Hermosillo, Mexico.
In addition, six plants operated by ThyssenKrupp Fabco and three operated by ThyssenKrupp Budd Systems were part of the transaction.
The Hopkinsville plant produces chassis frame modules, components and suspension assemblies.
The Kitchener facility builds full sized chassis frames and frame components, bumpers and bumper reinforcements.
The Shelbyville plant produces sheet metal automotive body stampings and assemblies, such as doors and fenders.
The Hermosillo facility assembles chassis products, such as engine cradles.
ThyssenKrupp Fabco, a company subsidiary that produces medium and heavy metal stampings, weldments and major tubular fabrications, has plants in Springfield, Tenn., Tupelo, Miss., and Detroit, Mich. (also known as MFSP, Inc.) as well as facilities in Windsor, Dresden and Ridgetown, Ontario.
ThyssenKrupp Budd Systems, producer of rear suspension modules for cars and sport utility vehicles, operates facilities in Columbia, Tenn., Fowlerville, Mich., and London, Ontario.
A technical center in Auburn Hills, Mich., was also part of the transaction.
ThyssenKrupp subsidiaries will continue to produce grey and ductile iron castings, powertrain components, such as steering systems, shock absorbers, springs, camshafts and crankshafts as well as tool-making activities at facilities in the U.S.
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