Amtek Auto is said to be contemplating the sale of its German unit Tekfor in an effort to reduce its debt burden. The company is known to have offered Tekfor to a foreign buyer for an undisclosed amount. If the deal goes through, Amtek Auto could look at reducing a good deal of its debt burden claim industry sources. They claim further that the reduction could be in the region of USD one billion over a period of 12 months. The consolidated debt of Amtek Auto is estimated to be USD 2.2 billion. A producer of automotive forgings, Tekfor, headquartered in Germany, has nine plants and service centers in Brazil, India, Italy, Mexico, and the USA. When Amtek Auto acquired Tekfor, it was a leading producer of transmissions, engines, drivelines, special applications and safety fasteners. Tekfor is claimed to cater to clients like Daimler, Volkswagen and Ford. Amtek Auto is said to have appointed Morgan Stanley to organise the sale.


Leave a Reply

Your email address will not be published. Required fields are marked *