Business | July 03, 2018
European steel operations in 50/50 thyssenkrupp Tata Steel JV
Tata Steel and thyssenkrupp signed a definitive agreement to create a new company by combining their European steel businesses in a 50/50 joint venture. This follows the signing of a Memorandum of Understanding in September 2017.
Negotiations with employee representatives and the respective consultation processes have been successfully completed. Taking the different forms of co-determination in the respective countries into account, the basic idea of an integrated company with joint management was secured. "Cost synergies will require a rationalisation in workforce over the years ahead by up to 4'000 jobs in operations and support functions that is expected to be shared roughly evenly between the two parties. Furthermore, the complete production network is to be reviewed starting in 2020 with the aim of integrating and optimising the production strategy for the entire joint venture", a press release from thyssenkrupp states. The proposed new company will be named thyssenkrupp Tata Steel B.V. and is subject to merger control clearance in several jurisdictions, including the European Union. The joint venture will be managed as one integrated business through a holding company headquartered in the Amsterdam region of the Netherlands. Until closing, thyssenkrupp Steel Europe and Tata Steel in Europe still operate as separate companies and as competitors. Only after closing, thyssenkrupp Steel Europe and Tata Steel in Europe will be integrated as one company. Dr. Heinrich Hiesinger, CEO of thyssenkrupp AG: “The joint venture not only addresses the challenges of the European steel industry. It is the only solution to create significant additional value of around 5 billion euros for both thyssenkrupp and Tata Steel due to joint synergies which cannot be realized in a stand-alone scenario. For both partners the stake in the joint venture means a significant lift up of value.”
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