November 19, 2007 -- ThyssenKrupp AG's (TKA.XE) industrial services unit, ThyssenKrupp Services, Monday said it is expanding its aerospace materials services operations by acquiring a 100% stake in U.K.-based Apollo Metals Group, including Aviation Metals, for an undisclosed fee from Murray International Holdings.

Apollo provides high-grade products such as aluminum, stainless steel and non ferrous metals with value-adding processing services predominantly for aerospace manufacturers and their supply chains.

The acquisition is subject to the approval of the supervisory boards and the competition authorities.

It is anticipated that the transaction will be completed before the end of this year.

The acquisition will combine Apollo's largely European and Far Eastern businesses with ThyssenKrupp Services' largely U.S.-based operations to form a global enterprise with 30 locations in 13 countries and a turnover in excess of $700 million.

Apollo's Chief Executive Stuart Wilkins is appointed president of the new division, which will be called ThyssenKrupp Aerospace.

The new business recognizes the increasing international nature of the aerospace supply chain and creates the first global service provider able to offer products and services on a worldwide basis whilst tailoring local processing and delivery services to meet the needs of each customer individually.

At present, ThyssenKrupp Services is supplying the aerospace industry with subsidiaries in Brazil, France, the U.K., Germany, and North America.

In 2006 it acquired the aerospace distribution interests of Alcoa Inc (AA) which included business in the U.K., Europe and the U.S. [ 19-11-07 1319GMT ]

Source: Dow Jones International News