© thyssenkruppAG Electronics Production | August 06, 2020
thyssenkrupp completes sale of elevator business
thyssenkrupp has successfully completed the sale of its elevator business after all the responsible authorities had approved the sale to a bidding consortium led by Advent International and Cinven.
thyssenkrupp signed an agreement with the consortium on the purchase of the elevator business on February 27, 2020. With the closing, the company has received the contractually agreed purchase price. The transaction will result directly in a substantial reduction in debt to a net cash position and a significant increase in equity. The group’s balance sheet ratios will thus improve significantly. At the same time, thyssenkrupp will be able to considerably reduce past balance sheet burdens, a press release states. “Divesting the elevator business with its more than 50,000 employees was a tough decision that was not easy for anyone but it was indispensable in the interests of the whole group of companies. The proceeds in the billions will give us tailwind for the transformation of thyssenkrupp. The closing of the transaction is a further milestone in this process of change. We are continuing to focus all our energies on substantially improving the performance of the remaining businesses. We wish our Elevator colleagues continued success and all the best for the future,” says Martina Merz, CEO of thyssenkrupp. The closing of the transaction will lead to a personnel change among the employee representatives on the supervisory board of thyssenkrupp AG. With the closing, Susanne Herberger, chairwoman of the works council of thyssenkrupp Elevator AG, will leave the supervisory board of thyssenkrupp AG. She will be succeeded by Tekin Nasikkol, chairman of the general works council of thyssenkrupp Steel Europe AG.