ThyssenKrupp sells stake in Compa Arcuri

ThyssenKrupp Automotive, which is a member of the German group ThyssenKrupp, has announced plans to sell its controlling interests in the European facilities that make bearing springs for trucks (including the company Compa Sibiu) to Austrian firm Styria Federn, a Frauenthal Group company. Compa Arcuri Sibiu is a joint venture set up by Romanian automotive component manufacturer Compa and the German company, and in which ThyssenKrupp owns around three quarters of the interests. "I knew they were in talks over a sale but had no idea they had already finished negotiations," said Ioan Deac, Compa chairman. ThyssenKrupp also has another joint venture with Compa for manufacturing automotive shock absorbers through ThyssenKrupp Bilstein Compa. A press release by ThyssenKrupp''s automotive components division says Compa Arcuri, together with the other facility involved in the transaction (based in Azambuja, Portugal) have annual sales of 45 million euros. The value of the deal has not been revealed. The two plants employ a total of 560 people and make bearing springs for trucks. The buyer, the Styria Group, is specialised in the same field.