ThyssenKrupp Technologies reports it has sold its ThyssenKrupp Precision Forging business to the India-based Sona Group, a producer of automotive steering systems, rear-axle components, and forgings for transmissions, engines, and drivetrains. Sona has nine plants at five locations in India, as well as a minority stake in Fuji Autotech Europe, which operates in France, Czech Republic, and Brazil.
According to Indian press reports, the acquisition is being conducted by a Sona Group joint venture, Sona Oke Gawa. Mitsubishi Group is the joint-venture partner.
"The precision forging business of the German firm is No. 2 globally and together with Sona Oke Gawa the business be the biggest in the world," Sona Group chairman Surinder Kapur told reporters in India.
TK characterized Sona as the “best owner for its precision forge operations,” but it declined to state the value of the sale. It indicated Sona is seeking a global presence.
ThyssenKrupp Precision Forging produces car and truck components at three plants in Germany and one in Selma, AL. Its product range covers precision forgings, heavy-duty parts, and Hatebur formed parts. It had FY 2006-2007 sales $420 million.
The acquisition will close later this month.
ThyssenKrupp Sells Precision Forging Operations
Four plants, one in the U.S., will join Indias Sona Group