ThyssenKrupp Budd to sell North American automotive body operations

ThyssenKrupp Budd Co. (www.buddcompany.com) has agreed to sell its 13 automotive body and chassis operations in North America to Martinrea International Inc. (www.martinrea.com).
The transaction is valued at approximately $275 million, including $95 million in cash and the balance in assumed liabilities.
The operations include seven plants in the United States, five in Canada and one in Mexico. ThyssenKrupp Fabco operates six of these plants, and ThyssenKrupp Budd Systems operates three. The technical center in Auburn Hills, Mich., is not included in the sale.
Approximately 180 employees at ThyssenKrupp Budd corporate headquarters in Troy, Mich., will transfer to Martinrea.
The sale does not affect the ThyssenKrupp Waupaca foundry group or a joint venture in Silao, Mexico.
ThyssenKrupp will continue to produce powertrain components in its North American facilities.
Annual sales for the body and chassis operations are approximately $1.25 billion, according to ThyssenKrupp.