Sale of ThyssenKrupp Budd’s Plastics Division to Continental Structural Plastics, Inc.
Another Transaction Highlights Extensive Carve-Out Divestiture Qualifications
Deloitte & Touche Corporate Finance LLC (DTCF) is pleased to announce its role as the exclusive financial advisor to ThyssenKrupp Budd Company (TK Budd) in the sale of TK Budd’s Plastics Division to Continental Structural Plastics, Inc. (CSP) Terms were not disclosed.
The transaction includes all the assets of the Plastics Division in the U.S. as well as the equity holdings of its Mexican operations. The Plastics Division produces molded pickup truck cargo boxes, exterior automotive components, structural automotive components, proprietary raw sheet molded compounds (SMC), and certain products used in non-automotive applications.
D&TCF served as exclusive financial advisor to TK Budd in conjunction with the sale. This is the second transaction DTCF successfully completed for TK Budd this year. In June DTCF advised TK Budd in the sale of its wholly owned subsidiary, ThyssenKrupp Stahl Company, to Speyside Equity LLC.
About the Plastics Division, TK Budd and CSP
The Plastics Division produces a comprehensive portfolio of automotive and non-automotive products for a variety of customers including Toyota Motor Company, Ford Motor Company, and General Motors Company. The history of the Plastics Division dates back to 1969 when The Budd Company, a predecessor company to TK Budd Company, acquired Duralastic Products of Michigan.
TK Budd, headquartered in Troy, Michigan, is a subsidiary of ThyssenKrupp USA, a subsidiary of ThyssenKrupp AG. TK Budd produces sheet metal stampings and assemblies, chassis modules and subframes, bumpers, and bumper reinforcements for approximately 100 different vehicle models. TK Budd operates 30 facilities with more than 10,000 employees in North America.
CSP was founded in 1919 and is headquartered in Bingham Farms, Michigan. CSP is a supplier of engineered thermoplastic and thermoset compression-molded structural components used to displace metal components in a variety of applications. CSP operates several manufacturing facilities in the U.S. and employs more than 400 people.
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