W. P. Carey International LLC, an affiliate of investment firm W. P. Carey & Co. LLC (NYSE: WPC), has provided approx. €31 million ($42 mln) in long-term financing through the sale-and-leaseback of 3 manufacturing facilities owned by Görtz+Schiele ("G+S"), a leading independent manufacturer of precision-machined engine blocks in Germany, the United States and Mexico. The portfolio comprises G+S's global headquarters in St. Ingbert, Germany, as well as their entire US production capacity.
G+S predominantly supplies Global Automotive Manufacturers with finished engine blocks and cylinder heads, as well as high volume pre-machined heads and blocks. It also supplies some of Germany and the United States' largest construction companies with the massive engine blocks needed for their industrial vehicles and other powertrain parts.
"Our transaction with W. P. Carey is enabling G+S to invigorate our balance sheet and re-focus our energies on growth and profitability," said G+S CFO, Wolfgang Speck. "Working with W. P. Carey has been a very positive experience for G+S."
Edward V. LaPuma, President of W. P. Carey International LLC, said: "This sale-leaseback with G+S highlights our desire to provide long-term financing to auto suppliers and other industrial companies throughout Germany."
Source: W. P. Carey