Bird & Bird LLP has advised Alcoa Inc., the world’s leading provider for aluminum products and components, in connection with its continued European-wide group restructuring on the sale of its European Stribel-Electronic Business to the technology group Flextronics International Ltd. with headquarter in Singapur, in four European jurisdictions (Germany, Hungary, Czech Republic and Ireland). The sold business unit comprises power components and electronic control units for the Automotive industry. Flextronics is one of the world’s leading providers of Electronics Manufacturing Systems and Services (EMS), who i.a. offers in the Automotive supply industry integrated design, interior and production services for a wide range of products.
The sold traditional business in Frickenhausen has been transferred to the Automotive supplier Sidler Automotive GmbH & Co. KG, renamed as Flextronics Automotive GmbH & Co. KG, until now located in Tübingen, a subsidiary of Flextronics, and will continuously be operated by it in Frickenhausen. Sidler Automotive GmbH & Co. KG respectively now Flextronics Automotive GmbH & Co. KG is in particular operating in the field of the production of comfort and safety components in the areas of interior lighting and interior trim, and accompanies and supports car manufacturers and system suppliers.
Alcoa Inc. has been advised by the following Bird & Bird lawyers: partner Wolfgang Hess (Corporate) and Kai Kerger (Corporate/Lead), as well as the partners, Christian Kessel (Commercial), Dirk Barcaba (Real Estate), Patrick Sinewe (Tax). Furthermore by Senior European Consultant Lutz Hoheisel (Employment) and the associates Denis Förster (Corporate), Christine Jury-Fischer (Corporate), Jörg Brackmann (Real Estate), all Frankfurt, as well as Tomas Novak and Vladimir Nyc (Prague) and Andrea Simandi, Balint Halász and Titusz Puskár (Budapest).
Already a few months ago Bird & Bird LLP has advised Alcoa Inc. in seven jurisdictions on the European-wide restructuring and subsequent sale of its wire harness and electrical distribution business to Platinum Equity LLC, a California-based private equity group. The divesture of the wire harness and electrical distribution business which employed approximately 17,500 people was part of Alcoa’s multi-pronged approach to focus its resources on strategic businesses, improve financial performance and establish a strong foundation for growth. By way of the sale of the European Stribel-Electronic Business Alcoa successfully continues these efforts.
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