thyssenKrupp: to split into two listed companies
(CercleFinance.com) - thyssenkrupp said that it plans to split into two independent, listed companies, one of which would focus on industrial goods, such as elevators, with the other on materials like steel.
At an extraordinary meeting on Sunday, the German conglomerate's supervisory board will have to approve the plan, with the aim of creating "two much more focused and efficient companies."
Both companies will be of a similar size and will continue to use the name thyssenkrupp, the group said.
Based on pro-forma figures for fiscal 2016/17, thyssenkrupp Industrials - which will focus on the elevator business, automotive supplier business and plant construction - would generate sales of around 16 billion euros with around 90,000 employees.
thyssenkrupp Materials - which includes the steel, bearings and forging businesses, as well as its marine business, would have sales of around 18 billion euros with just under 40,000 employees.
The separation has still to be approved by shareholders, meaning that the process could take place in 12 to 18 months' time.
After jumping 9.9% yesterday, thyssenkrupp shares were consolidating on Friday, down 0.2%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
At an extraordinary meeting on Sunday, the German conglomerate's supervisory board will have to approve the plan, with the aim of creating "two much more focused and efficient companies."
Both companies will be of a similar size and will continue to use the name thyssenkrupp, the group said.
Based on pro-forma figures for fiscal 2016/17, thyssenkrupp Industrials - which will focus on the elevator business, automotive supplier business and plant construction - would generate sales of around 16 billion euros with around 90,000 employees.
thyssenkrupp Materials - which includes the steel, bearings and forging businesses, as well as its marine business, would have sales of around 18 billion euros with just under 40,000 employees.
The separation has still to be approved by shareholders, meaning that the process could take place in 12 to 18 months' time.
After jumping 9.9% yesterday, thyssenkrupp shares were consolidating on Friday, down 0.2%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.