The target company, located in Nashik, around 150 kilometers from the Indian economic metropolis of Mumbai, manufactures so-called grain-oriented electrical steel, a specialty material used wherever electrical energy is efficiently converted, transported, and used, such as in transformers and large high-performance generators. Around 500 people work at the Nashik site.
The Joint Venture acquired the company, which was formerly a subsidiary of thyssenkrupp Electrical Steel GmbH, Gelsenkirchen, for a purchase price of around 440 million euros. “Due to the cost-intensive transportation of raw materials from Germany to India, we would not have been able to develop the site in Nashik competitively in the long term. The sale was therefore the right step,” explains Dennis Grimm, CEO of thyssenkrupp Steel. “In addition, the sale contributes to strengthening the capital base of our company.”
thyssenkrupp Steel Europe AG
Kaiser-Wilhelm-Str. 100
47166 Duisburg
Telefon: +49 (203) 52-0
Telefax: +49 (203) 52-25102
http://www.thyssenkrupp-steel-europe.com
Head of Public & Media Relations
Telefon: +49 (203) 52-25159
E-Mail: mark.stagge@thyssenkrupp-steel.com
