U.S.-based ferrous caster ThyssenKrupp Waupaca (TKW), Waupaca, Wis., is on the selling block, according to a press release issued by its parent company.

The executive board of TKW parent Thyssenkrupp AG, Essen, Germany, announced it decided to divest the iron casting division as part of its plan to reduce debt and focus on the automotive sector, particularly in emerging markets.

“ThyssenKrupp wants to focus the portfolio and discard business activities for which alternative strategic options are more suitable,” read the company’s press release. A representative for the company did not immediately answer requests for comment.

ThyssenKrupp reports TKW has sales of more than $1 billion annually and about 3,000 employees. The parent said the metalcasting company would be sold “within the context of a best owner process.” The sale is subject to the approval of ThyssenKrupp’s supervisory board, which will vote on May 13.

In addition to the sale of TKW, ThyssenKrupp announced it intends to divest ThyssenKrupp Tailored Blanks, consolidate the Bilstein Group and Presta Steering, divest its traditional springs and stabilizers business activities, as well as the Brazilian Automotive Systems business, and “separate” Stainless Global from the group. ThyssenKrupp already is in the process of divesting ThyssenKrupp Metal Forming and ThyssenKrupp Xervon and implementing a partnership between Abu Dhabi Mar and ThyssenKrupp Marine Systems.

Based on data from the previous fiscal year, ThyssenKrupp estimates the divestments to be worth more than $14 billion and involve 35,000 employees. The diversified manufacturer currently has almost 177,000 employees in more than 80 countries and generated sales of more than $60 billion in FY2009-2010.

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