© thyssenkrupp General | October 01, 2018
thyssenkrupp plans to split the group into two listed companies
At an extraordinary meeting on Sunday, September 30, 2018, the executive board of thyssenkrupp AG proposed that the company should be split into two much more focused and efficient companies.
The capital goods and materials businesses shall be managed in future as independent, listed companies with direct access to the capital markets. The Management Board is convinced that this new structure will allow the businesses to develop better and concentrate on their strengths. Both companies will continue to use the name thyssenkrupp, a press release reads. "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. 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,” says Guido Kerkhoff, Chairman of the Management Board of thyssenkrupp AG, in the release. “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." The separation into two companies will take the form of a spin-off. After the split, thyssenkrupp AG shareholders will hold two shares; one of the future thyssenkrupp Materials AG (formerly thyssenkrupp AG) and one of the new thyssenkrupp Industrials AG. thyssenkrupp Industrials will consist of three units: firstly the elevator business, secondly the automotive supplier business and thirdly core plant construction. The elevators remain unchanged in their current configuration. Components Technology will focus on the automotive business. The slewing (Bearings) and the forging business (Forged Technologies) will be spun off from the division. A new addition is the System Engineering division, which builds production lines for cars, for example, and is currently part of Industrial Solutions. We are thus bundling the automotive expertise. The third pillar of the industrial business will in future be the focused core plant construction. thyssenkrupp Industrials will therefore be a pure capital goods business. The other part – thyssenkrupp Materials – will consist of the following units: 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 result is a materials group that combines steel and stainless steel production, materials trading and steel-related processing, that has a leading market position in Europe and can also take advantage of consolidation opportunities from a position of strength. Upon approval by the Supervisory Board the exact structure of the separation, such as the transaction structure, the financing concept and the management models of both companies, will be worked out in a diligent process. The separation must then be decided by the Annual Stockholders' Meeting of thyssenkrupp AG. This could take place in 12 to 18 months.
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