Voestalpine sells German steel unit to investor Mutares
Corrects to show Buderus sale is not part of the automotive unit reorganisation in paragraph 6
Oct 23 (Reuters) -Austrian steelmaker Voestalpine VOES.VI has agreed to sell its German subsidiary Buderus Edelstahl to investment firm Mutares MUXG.DE, the companies said on Wednesday, without disclosing the purchase price.
Voestalpine said it expected the transaction to close by the end of this year pending regulatory approvals.
Buderus Edelstahl employs 1,130 people and generated 362 million euros ($391.07 million) in sales in the fiscal year 2023/2024.
Mutares said it would negotiate a social plan with employees if it becomes necessary to reduce the workforce, without providing further details about any potential job cuts.
"We are confident that, despite the current economic climate, the overwhelming majority of employees will have a long-term future at this location," Voestalpine board member Reinhard Noebauer said.
Voestalpine said in March it was looking to sell Buderus Edelstahl and reorganise its automotive components unit in Germany.
Last week, it laid out a plan to reorganiseits automotive component business locations in Germany, including the closure of one of the sites, to respond to falling demand and structural changes.
($1 = 0.9257 euros)
Reporting by Tristan Veyet and Andrey Sychev; editing by Rachel More
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