Apr 17, 2015 11:00 AM
ThyssenKrupp to sell VDM group
ThyssenKrupp is selling the VDM group to the private equity company Lindsay Goldberg, represented in Europe by Lindsay Goldberg Vogel, Düsseldorf. The contract partners concluded a corresponding agreement today. The purchase price has not been disclosed. Completion of the sale is subject to the approval of the supervisory boards and the competent antitrust authorities.
On completion of the transaction, ThyssenKrupp will achieve a positive effect on net financial debt and pension obligations in the mid three-digit million euro range. The sale will also reduce the share of volatile materials businesses and thus support ThyssenKrupp on its Strategic Way Forward to becoming a diversified industrial group. The transaction will result in a book value adjustment of around Euro 100 million.
As part of the necessary refinancing measures at Outokumpu, all shares in VDM and AST were transferred to ThyssenKrupp at the end of February 2014. Comprehensive new business plans have been developed for VDM and AST over the past few months. ThyssenKrupp always emphasized that it did not intend to retain the two companies in the Group in the medium to long term. In Lindsay Goldberg an investor has been found who will push on with the already initiated restructuring and realignment of VDM.
The VDM group is based in Werdohl and employs around 2,000 people worldwide.