voestalpine completes sale of North American automotive company Polynorm Inc.

31 October 2007 |

Transfer of the assets to the British Caparo Group, which also takes over the workforce and management.

Towards the end of the last business year, the Automotive Division of the listed voestalpine Group announced its intention to sell its North American company Polynorm Inc. Since then, negotiations on the divestment of the company, a former subsidiary of the Dutch voestalpine Polynorm Group, have been conducted with a number of interested parties and have now been successfully concluded: Effective November 1, 2007, the assets of Polynorm Inc. will be transferred to the British Caparo Group, which will also take over the workforce and management. The internationally active Caparo Group, based in London, specializes in steel, engineering and automotive products, among other things.

Polynorm Inc., located in Novi, Michigan (USA), was successfully restructured in the past two business years and reported clearly positive results. However, the decision to sell the company was made against the background of the company's strategic positioning in its special product segment both within the voestalpine Group and on the North American market.