SHW AG has reached an agreement with its joint venture partner for the sale of its 50% stake in STT Technologies Inc., based in Concord, Canada.
STT was a joint venture between MAGNA Powertrain Inc. and SHW Automotive GmbH founded in 1996. The company develops and supplies proprietary oil pumps for North American engine and transmission applications.
The final sale price has not been announced, however it is stated to be in the mid double-digit € million range. The closing of the transaction is planned at the end of October 2012.
With the sale of its joint venture stake SHW gains free access to the North American market. “We still consider the North American vehicle market as very interesting. Based on our CO2-relevant products we see good growth opportunities there,” stated CEO Dr. Wolfgang Krause, who is responsible for the Pumps and Engine Components business segment.
Posted by: Paul Whittaker, Editor ipmd.net, [email protected]