thyssenkrupp to split into two companies
The German steel producer, thyssenkrupp, has announced plans to separate into two separate businesses.
The company’s Executive Board will propose the idea to the Supervisory Board on Sunday 30 September.
The firm intends to be listed as two independent firms with direct access to the capital markets.
Following the proposed split, shareholders will hold separate shares in thyssenkrupp Materials AG (formerly thyssenkrupp AG) and thyssenkrupp Industrials AG.
“In recent weeks, a wide variety of strategic options for thyssenkrupp have been discussed in public and very often exaggerated. But the world is not black and white,” remarked Guido Kerkhoff, Chairman of the Management Board of thyssenkrupp AG.
“There is not only 'Continue like this' and destruction, but always alternatives that take into account the responsibility both for our employees and for the future viability of the company.”
“That's exactly what we were looking for as management board - without fear and dreaming. We are now proposing a solution that not only creates value for our shareholders, but also significantly improves the development prospects of our businesses.”
thyssenkrupp Industrials will feature three units: the elevator business, the automotive supplier business, and the core plant construction.
thyssenkrupp Materials will be made up of “Materials Services, the 50 percent interest in the future steel joint venture, the slewing bearings and forging businesses as well as the marine business,” the firm revealed in a press release.
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