FCA Reaches Agreement to Sell Teksid Cast Iron Components Business to Tupy
20 Dezember 2019 - 7:45AM
FCA Reaches Agreement to Sell Teksid
Cast Iron Components Business to Tupy
Fiat Chrysler Automobiles N.V. (MTA: FCA / NYSE:
FCAU, “FCA”) today announced that it has entered into an agreement
with Tupy S.A. for the sale of FCA’s global cast iron automotive
components business, which is operated through FCA’s subsidiary
Teksid S.p.A. (“Teksid”).
Tupy is a leading player in the cast iron
industry specializing in developing and manufacturing
highly-engineered structural cast iron components for several
applications in capital goods serving different industries.
The proposed sale includes Teksid’s cast iron
production facilities in Brazil, Mexico, Poland and Portugal, in
addition to Teksid’s interest in a joint venture in China.
Teksid’s aluminum business is not included in the transaction and
will remain a strategic asset in FCA’s portfolio.
The agreement values the business at €210
million enterprise value. Consideration, subject to customary
purchase price adjustments will be paid at closing expected in the
second half of 2020. The proposed transaction is subject to
customary closing conditions, including the receipt of antitrust
approvals.
“Tupy has always been a strategic supplier in
the cast iron structural components industry. Together, Teksid and
Tupy will continue to develop new technologies to support the
continued success of our products,” said Scott Garberding, FCA’s
Global Chief Manufacturing Officer. “The proposed transaction
represents another important step in the implementation of FCA’s
business plan”.
London, 20 December 2019
This press release contains forward-looking
statements. These statements are based on the FCA Group’s current
expectations and projections about future events and, by their
nature, are subject to inherent risks and uncertainties. They
relate to events and depend on circumstances that may or may not
occur or exist in the future and, as such, undue reliance should
not be placed on them. Actual results may differ materially from
those expressed in such statements as a result of a variety of
factors, including: volatility and deterioration of capital and
financial markets, including possibility of new Eurozone sovereign
debt crisis, changes in commodity prices, changes in general
economic conditions, economic growth and other changes in business
conditions, weather, floods, earthquakes or other natural
disasters, changes in government regulation, production
difficulties, including capacity and supply constraints, and many
other risks and uncertainties, most of which are outside of the FCA
Group’s control.
- FCA Reaches Agreement to Sell Teksid Cast Iron Components
Business to Tupy
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