The conglomerate Thyssenkrupp is deeply in crisis and is groaning under a mountain of debt. The company is now making a new start and wants to tighten itself. Parts should be repelled or brought together with new partners.
The industrial group Thyssenkrupp, which has been in trouble for years, wants to sell off weak business and possibly bring the steel division and marine shipbuilding into partnerships with competitors. “We made difficult and long overdue decisions,” said CEO Martina Merz after a meeting of the supervisory board. “Thyssenkrupp will be smaller, but stronger from the renovation.” The group writes high losses. In addition, net financial debt of 7.5 billion euros and pension obligations are depressing in the same amount.
The Ruhr group has been rebuilt several times in the past few years – after the sale of the profitable elevator business, the company now has to be repositioned. “In future, the businesses will be divided into two categories: on the one hand, business areas whose potential Thyssenkrupp will develop alone or together with partners, and on the other hand, for which the company will primarily pursue development paths outside the group.”
Looking for partners for marine business
The materials trade and the business with industrial components are to be developed further under our own steam. The automotive supply business will also remain in the group, but will also be strengthened through alliances and partnerships. For businesses with sales of six billion euros, the group primarily seeks solutions outside the company. Thyssenkrupp wants to position itself better in the steel business and at Marine Systems, but also pursue possible partnerships and options for consolidation steps.
Talks are already taking place on steel. The group keeps all options open. The group speaks of the Chinese group Baosteel, SSAB from Sweden and again Tata Steel.
The Group is aiming for a national or European solution at its shipyard subsidiary Marine Systems. “In the current competitive position and market position, the company sees sustainable future prospects if the marine business is further developed together with partners.” In Thyssenkrupp’s view, naval shipbuilding could, in a consolidated position, survive better in the long term in national and international competition.
Union and foundation are involved
“To secure jobs and shipyards, it makes sense to create a strong marine group,” said board member Oliver Burkhard. “Thyssenkrupp is therefore open to solutions that will bring Marine Systems into an even stronger position in the long term. There are national and European options for this.”
Merz received backing from IG Metall and the largest single shareholder, the Krupp Foundation. The employee side is contributing to a reorganization of the group, said IG Metall main cashier and Vice-Chairman of the Supervisory Board, Jürgen Kerner. “We expect that Stahl and Marine Systems will also consider consolidation options under the leadership of Thyssenkrupp in addition to an independent approach.” A holding company that is active in various markets as a lay player and is only useful as a junior partner in the core steel business is rejected.
“In view of the extremely challenging situation, we also make difficult decisions for the good of the company,” emphasized the Krupp Foundation. “We have confidence in the management board and we assume that he and all management teams will vigorously pursue the announced course. Thyssenkrupp has no time to waste.”
– .
