The transaction falls within the Company´s aim of divestment from its non-strategic businesses and concentration on its core business, as a global supplier of seamless steel tubing solutions.
Grupo Tubos Reunidos, together with the other shareholders in its automotive business, have reached a binding agreement to sell their entire shareholdings in the companies Inauxa and EDAI, including in the latter its affiliate companies Inaumex and Inautek, to the Mubea group.
Completion of the transaction is subject to the regulatory approval of the relevant antitrust authorities, whose resolution is expected in the forthcoming weeks. The price paid for the total stock of the automotive business, in which Tubos Reunidos is a 50% shareholder, amounts to 33 million euros. The transaction falls within the Company´s aim of divestment from its non-strategic businesses and concentration on its core business as a global supplier of seamless steel tubing solutions.
Mr. Enrique Arriola, Managing Director of Tubos Reunidos Group considers the transaction as “very positive for both Tubos Reunidos, giving a step forward in line with its Strategic Plan, and also for INAUXA and EDAI, which integrate in a Group whose international presence and complementarity of products will positively impact in its business and competitiveness” .
About the Mubea group
Founded in Germany in 1916, the Mubea Group is a global leader in the development and manufacture of automotive components. It has around 11,000 employees at 29 locations in 17 different countries.