By Carlo Martuscelli

Fiat Chrysler Automobiles NV (FCA.MI) said Friday that it has agreed to sell its cast-iron components unit Teksid SpA. to Tupy S/A (TUPY3.BR) in a deal that values the business at 210 million euros ($233.6 million) including debt.

The proposed deal includes cast-iron production plants in Brazil, Mexico, Poland and Portugal, as well as Teksid's interest in a Chinese joint venture.

The sale excludes the unit's aluminum business, which will stay with the Italian-American car maker.

"Together, Teksid and Tupy will continue to develop new technologies to support the continued success of our products," Fiat Chrysler's Global Chief Manufacturing Officer Scott Garberding said.

The transaction is expected to close in the second half of 2020.

Write to Carlo Martuscelli at carlo.martuscelli@wsj.com; @carlomartu

(END) Dow Jones Newswires

December 20, 2019 02:12 ET (07:12 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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