ThyssenKrupp seeks to divest car parts contract assembly unit

April 14, 2015 1:08 PM

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FRANKFURT, April 14 (Reuters) - German steelmaker ThyssenKrupp is selling its automotive contract assembly unit, which makes axle systems for car makers, as it seeks to streamline its activities and beef up profitability, two sources familiar with the deal told Reuters.

The company has mandated BNP Paribas to find a buyer for the automotive systems sub-division, which has roughly 1 billion euros ($1.1 billion) in annual sales, they said.

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