Fri, 11 Mar 2011 | DIVISION SALE
A German automotive firm, ThyssenKrupp AG, is exploring selling off its County Durham car parts division so that it can focus on its core business.
ThyssenKrupp Tallent is currently in talks with a consortium, including Spanish firm Gestamp Automocion, which is involved in making metal parts and structural systems for vehicles. Gestamp is reportedly negotiating funding with a third party.
It has also been in discussion with a Chinese company about a potential sale.
The UK division specialises in manufacturing chassis for some of the biggest carmakers including Ford, Jaguar, Nissan, Honda, Land Rover and Volvo.
The company's 800-strong workforce have been assured that they will keep their jobs at the plant. The new owners would have to discuss the existing pension arrangements - many employees are on final salary schemes.
ThyssenKrupp made 150 employees redundant in the recession when it was hit by a decrease in work. A subsequent lift in demand has meant the creation of more jobs at the factory.
It was reported two weeks ago that ThyssenKrupp had created over 150 new jobs following a restructuring that involved relocating production facilities to Cannock, Staffordshire.
Established in 1948, ThyssenKrupp Tallent is also based in Belgium and has joint ventures with its sister company in India, China and the USA. Its products, which include suspension twist beams, cross-members and perimeter sub-frames, are used in sport utility and light commercial vehicles.
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