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Budd Becomes Key Company in New Thyssen Multi-Billion Automotive Components Organization

DUSSELDORF, Germany, Nov. 26 /PRNewswire/ -- Dr. Dieter Vogel, Chairman of Thyssen's Executive Board, confirmed today that Budd, the Troy, Michigan-based automotive supplier, will be the keystone of a new company, Thyssen/Budd Automotive, a consolidation of Thyssen's existing automotive component units. Thyssen/Budd Automotive is part of Thyssen's capital goods and manufactured products group and aligned to Thyssen Industrie AG.

"The umbrella organization has been functioning informally for over one year. This is a consolidation of existing units, including Budd. The new organization will enhance our ability to support our automotive customer needs on a global basis," said Siegfried Buschmann, who continues as Budd Chairman and C.E.O., but has the additional assignment as Chairman of the Management Board of the new Thyssen/Budd Automotive company.

"After 84 years as an automotive supplier, we are very sensitive to the customers' changing needs -- from a single component to a full range of material and process solutions."

Buschmann continued, "The new unit has annual sales of more than $3 billion, making it one of the largest automotive units in Germany and North America."

Thyssen/Budd Automotive will be a chartered German corporation with offices in Essen, Germany, and Troy, Michigan.

The new Thyssen company will include Budd's range of products -- steel stampings and assemblies, full frames and subframes, SMC autobody panels, prototypes, castings, cold weather products, and airbag components.

Thyssen units are: Umformtechnik, a source of metal stamped body and chassis components, as well as precision forgings, and Guss, a supplier of iron and aluminum castings for the worldwide automotive industry.

With approximately 9,000 employees, Budd operates 25 facilities in North America. In addition, the company has offices in Stuttgart, Germany, and Tokyo, Japan.

SOURCE The Budd Company
 -0- 11/26/96

/CONTACT: Paul O. Sichert of Budd, 810-643-3520/

CO: The Budd Company; Thyssen Industrie AG ST: Michigan IN: AUT SU: TNM

KE -- DETU020 -- 4396 11/26/96 12:57 EST
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Publication:PR Newswire
Date:Nov 26, 1996
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