02/27/2020 20:44
(Act. 27.02.2020 20:44)
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Thyssenkrupp sells the silverware
© APA (dpa / symbol picture)
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Thyssenkrupp parted ways with its most valuable division for 17.2 billion euros. The ailing German steel and industrial group is selling its highly profitable elevator division to a consortium of the international financial investors Advent and Cinven and the RAG Foundation. The money is used to reduce debts, cover pension obligations and finance the corporate restructuring.
With the sale, Thyssenkrupp could “pick up speed again”, said CEO Martina Merz on Thursday evening, according to a message. “Not only did we get a very good price, we will also be able to complete the transaction quickly.” The Krupp Foundation, the Group’s largest shareholder, called the sale “right”. Thyssenkrupp must become competitive and able to pay dividends again. That is also in the interest of all employees.
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IG Metall also expressed satisfaction. A location and job security was agreed with the future owners. It will run until at least March 31, 2027. Operational layoffs are excluded during this seven-year term; all existing locations in Germany have been retained with their essential functions and should be strengthened.
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The billion-dollar RAG Foundation from Essen is also among the buyers. It is responsible for financing the long-term follow-up costs of the coal industry and for this depends on secure returns on its capital.
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The elevator division is currently the only profitable company at Thyssenkrupp. While steel is deep in the red, Thyssenkrupp made reliable profits from the sale and maintenance of elevators and escalators. In the first quarter of the current financial year alone, the operating figure was 228 million euros.
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Thyssenkrupp Elevator employs around 53,000 people worldwide, almost a third of all the Group’s employees.
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