ThyssenKrupp to sell Tailored Blanks car parts unit to China's Wisco

ThyssenKrupp, Germany's biggest steelmaker today agreed to sell its Tailored Blanks car parts unit to China's Wuhan Iron and Steel (Wisco) for an undisclosed sum.

Shanghai-listed Wisco is China's third-largest steelmaker.

Dusseldorf-based ThyssenKrupp said that the sale was another step toward "optimizing" its portfolio.

San Gillio, Italy-based Thyssenkrupp Tailored Blanks manufactures laser and mash-seam welded sheets for the automotive industry in Europe. It offers laser welded automotive side panels, floor panels, and vehicle tailgates and holds about 41 per cent share of the global market.

The company has production plants in Italy, Germany, the US, Mexico, China, and Sweden, and generates annual sales of €503 million. 

ThyssenKrupp, whose business stretches from submarines to lifts, had in May 2011 announced an extensive reorganisation that includes the sale or spinoff of its non-core units in order to cut debt and focus on engineering.

It recently sold its US iron foundry Waupaca, as well as its Xervon Industry Services unit, Automotive Systems in Brazil, and its entire civil shipbuilding activities.

The German steelmaker is also expected to receive bids this week for its struggling Brazil's slab-making joint venture CSA and its US plant in Alabama.