HAMBURG, Germany (March 17)—ThyssenKrupp Technologies has agreed to sell its Elastomertechnik rubber-processing machinery unit to a German trading and manufacturing group with no history in the rubber industry.
The sale to L. Possehl & Co. GmbH of Lubeck, Germany, is subject to approval by the ThyssenKrupp board and relevant regulatory authorities. It is retroactive to Oct. 1. Terms were not disclosed.
"Elastomertechnikàwill be able to further consolidate its market position, while still maintaining its own identity," said Uwe Luders, chairman of Possehl's executive board. "For Possehl, this promises a significant increase in our earning power."
ThyssenKrupp Elastomertechnik is considered the world's largest supplier of machinery to the tire and rubber industries. With about 1,050 employees, the company achieved sales last year of $202.5 million. The firm operates production locations in Hamburg-Harburg and Freudenberg, Germany; Belisce, Croatia; and Topeka, Kan.