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Fiat Chrysler to sell Teksid cast iron unit

Fiat Chrysler Automobiles agreed to sell its Teksid cast iron automotive components business to Brazil’s Tupy for an enterprise value of 210 million euros ($233.4 million), the automaker said on Friday.

The deal is expected to close in the second half of 2020.

The sale is not linked to FCA’s planned merger with Peugeot owner PSA, which will pave the way to the creation of the world’s fourth-largest automaker and is expected to be completed in the next 12 to 15 months.

FCA said the sale excludes Teksid’s aluminum business and will concern the unit’s cast iron plants in Brazil, Mexico, Poland and Portugal as well as the unit’s share in a joint venture in China. FCA said the aluminum business “will remain a strategic asset “in its portfolio.

 

 

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