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voestalpine expands automotive business with major acquisition

21 December 2006 | 

voestalpine AG listed on the Vienna Stock Exchange expands its automotive supplier business with the acquisition of three western European companies.

Yesterday, Wednesday, the Division Automotive fixed by contract the majoritarian acquisition of Gutbrod Stanz- und Umformtechnik GmbH, Hügel GmbH & Co. KG (both Germany), and AMSTUTZ-LEVIN & Cie (France). The three companies combined have approximately 1,100 employees and will achieve annual sales of around EUR 210 million in 2006 with clearly positive operating results. voestalpine AG will acquire a 51% share in each of the companies via its Division Automotive and thus take over industrial leadership. It was agreed with the sellers, several private equity funds, not do disclose details on the sales price.