August 8, 2018 / 8:44 AM / 10 days ago

Germany’s Trimet Aluminium sells auto parts unit to China’s Bohai

HAMBURG, Aug 8 (Reuters) - German aluminium producer Trimet Aluminium said on Wednesday it has completed the sale of its automobile parts business to China’s Bohai Automotive Systems .

Trimet in 2017 decided to spin off its automobile aluminium products business. It produces about 13 million parts annually and has sales of about 200 million euros ($232 million).

Privately owned Trimet did not have the capability to undertake the global operations the sector needed.

Bohai said in March it was in talks to buy a 75 percent stake in the unit for 61.5 million euros.

“The merger provides additional opportunities for Trimet Automotive as a system supplier to the increasingly global operations of automobile manufacturers, thus sustainably strengthening its production sites in Harzgerode and Soemmerda,” Trimet said.

Trimet did not provide any financial details of the transaction.

$1 = 0.8619 euros Reporting by Michael Hogan; editing by Jason Neely

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