| 9:27 PM EST

Sogefi Ends Negotiation to Buy ThyssenKrupp Unit


#europe #ThyssenKrupp

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Italian auto supplier Sogefi SpA tells Reuters it has broken off talks with ThyssenKrupp AG about buying the German steelmaker's vehicle suspension business.

Sogefi says it has decided to focus on expanding its existing operations rather than grow by making acquisitions.

Reuters reported in April that ThyssenKrupp was discussing the sale of its springs and stabilizers operations outside Europe to Sogefi for as much as €200 million. The Milan-based company has been expanding operations in Brazil, China and Japan to offset sluggish European demand.

Italian auto supplier Sogefi SpA tells Reuters it has broken off talks with ThyssenKrupp AG about buying the German steelmaker's vehicle suspension business.

Sogefi says it has decided to focus on expanding its existing operations rather than grow by making acquisitions.

Reuters reported in April that ThyssenKrupp was discussing the sale of its springs and stabilizers operations outside Europe to Sogefi for as much as €200 million. The Milan-based company has been expanding operations in Brazil, China and Japan to offset sluggish European demand.

Italian auto supplier Sogefi SpA tells Reuters it has broken off talks with ThyssenKrupp AG about buying the German steelmaker's vehicle suspension business.

Sogefi says it has decided to focus on expanding its existing operations rather than grow by making acquisitions.

Reuters reported in April that ThyssenKrupp was discussing the sale of its springs and stabilizers operations outside Europe to Sogefi for as much as €200 million. The Milan-based company has been expanding operations in Brazil, China and Japan to offset sluggish European demand.

Sogefi generated revenue of €1.2 billion last year.