Canadian auto parts company Martinrea International Inc. has agreed to buy the North American automotive body and chassis operations of Germany-owned Thyssen-Krupp Budd Co. for $275 million US in a major deal that nearly triples the company’s revenue and doubles its workforce.
Vaughan-based Martinrea said yesterday it will pay $95 million US in cash and the balance in assumed liabilities for the ThyssenKrupp Budd assets, part of German industrial giant ThyssenKrupp AG, a large international maker of steel, industrial machinery and automotive products.
ThyssenKrupp Budd,based in Troy, Mich., makes metal forming for the auto industry including body stamping, metallic welded assemblies, hot metal stampings, automotive sheet-metal stamping and the module assembly of chassis component parts.
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