Thyssenkrupp Materials sells Spanish subsidiary

Thyssenkrupp Materials Services has sold its subsidiary Thyssenkrupp Materials Processing Lamincer to Spanish Arania. This is stated in the message of Arania.

The sale and purchase agreement was signed and the transaction was closed on December 20, both parties decided not to disclose financial details.

With this acquisition, Arania, which is part of the Spanish steel company Grupo Arania, supports its current growth strategy.

«This acquisition is a consistent step in our strategic plan, where we aim to continue with our sustainable growth as partner choice with excellent product quality as well as outstanding service and flexibility», says Carmelo Bilbao, Vicepresident of GRUPO ARANIA.

Lamincer Precision Steel was founded in 1986 and became part of Thyssenkrupp Materials Processing Europe, an operating unit of Thyssenkrupp Materials Services, in October 2009. The company has a capacity of about 40 thousand tons per year and specializes in the production of carbon cold-rolled steel, structural steel and microalloyed materials.

«With the successful sale of Thyssenkrupp Materials Processing Lamincer, we have taken another step in honing our profile. We are delighted to have found a buyer in Arania, which can offer the site promising prospects», CEO of Thyssenkrupp Materials Services, Martin Stillger, remarked.

As GMK Center reported earlier, Thyssenkrupp announced the closure of steel plant Galmed (FBA9), located near Valencia (Spain). The capacity of the enterprise is estimated at 450,000 tons of hot-rolled galvanized coil per year. The relevant measures were taken against the background of a significant deterioration of the European automotive market and, as a result, a reduction in demand for galvanized steel products in Spain and Southern Europe.