|Bid||11.32 x 280700|
|Ask||11.38 x 280400|
|Day's Range||11.27 - 11.40|
|52 Week Range||11.09 - 23.68|
|Beta (3Y Monthly)||0.85|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.15 (1.32%)|
|1y Target Est||28.65|
ThyssenKrupp plans to develop an Indian procurement centre as a supply hub for its engineering business in its push to turn around the loss-making division. The engineering business, which makes turnkey plants for the chemical, fertilizer, cement and mining industries, contributes up to 9% of the elevators-to-submarine group's net sales, but has been mired in losses due to a weak global environment. "Our target is to achieve the needed turnaround next year," Marcel Fasswald, chief executive of ThyssenKrupp Industrial Solutions, told Reuters in an interview in Mumbai.
(Bloomberg) -- Thyssenkrupp AG has received interest from competitors and buyout firms for a stake in its 15 billion-euro ($16.8 billion) elevator unit, prompting the German industrial firm to explore a sale alongside its planned listing, people familiar with the matter said.Private equity firms including CVC Capital Partners and KKR & Co., as well as rival elevator maker Kone Oyj, have expressed interest in part or all of the Thyssenkrupp division, the people said. As a result, the company is planning to start formal sale talks in the autumn, they said, asking not to be identified because the deliberations are private.Sovereign wealth and pension funds are also interested in investing in the unit, they said. Thyssenkrupp shares were little changed at the close Monday in Frankfurt, after earlier gaining as much as 5.5%.Representatives for Thyssenkrupp, Kone, CVC and KKR declined to comment.“We’re open to all economically viable solutions that fairly take into account the interest of employees,” Markus Grolms, secretary at labor union IG Metall and Thyssenkrupp’s deputy chairman, said in response to Bloomberg queries. The union “will make sure the proceeds will be used to fund the further development of Thyssenkrupp.”Thyssenkrupp will run a “dual-track” process, continuing to pursue its previously announced initial public offering for the business while entertaining bids, the people said. No final decisions have been made about how much of the asset to sell, and the interested companies may still decide against formal offers, they said.Thyssenkrupp so far has been hesitant to sell a majority stake because it would like to keep control to access the unit’s cash flow and help fund pension liabilities, the people said. Still, certain shareholders, including activist investor Cevian Capital, favor a full sale, the people said.The division, Thyssenkrupp’s crown jewel, makes parts used in elevators, escalators, moving walkways and stairlifts and could be worth about 15 billion euros in an IPO or sale, according to Bloomberg Intelligence analysts. The German company has been weighing ways to split off the unit as it came under fire for a complicated business structure that some investors have said contributed to declining earnings.The start of 2020 would be the earliest opportunity for an IPO, the elevator unit’s union chief and board member, Knut Giesler, has said. A listing is unlikely before March of next year, and uncertainty over the timing and valuation of any IPO is another incentive for a sale, the people said.The elevator division is riding a global trend of urbanization, making it the steel-to-submarine conglomerate’s most profitable unit. Proceeds from a sale or IPO could be used to fund the company’s restructuring, paid out in a dividend or invested in carbon-dioxide free steel production, the people said.The Essen-based conglomerate needs cash to cover billions of euros in unfunded pension liabilities and fix its steel, plant construction and auto supply operations. The company sees the elevator unit as the only significant division it could offload a stake in at a valuation above book value, the people said.Kone is keen to buy a majority of the elevator business, but Thyssenkrupp is concerned about a lengthy antitrust review and rejection of a merger, the people said. Its proposal to create a European steel joint venture with Tata Steel Ltd. was blocked earlier, and Thyssenkrupp may prefer to sell a stake to an investment firm, which wouldn’t face competition scrutiny, some of the people said.The European Commission has torpedoed a number of industrial merger plans this year. Regulators blocked plans to merge Siemens AG’s and Alstom SA’s rail operations to create a European champion.Other Thyssenkrupp assets, including the components technology business have also attracted preliminary interest from buyout firms, though it’s unclear whether the firm will seek a sale, the people said.(Updates with labor union statement in fifth paragraph.)\--With assistance from Sarah Syed.To contact the reporters on this story: Eyk Henning in Frankfurt at firstname.lastname@example.org;William Wilkes in Frankfurt at email@example.com;Aaron Kirchfeld in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Reed Landberg at email@example.com, Ben Scent, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Powerful labour leaders at Thyssenkrupp have called on the group's management to come up with a clear strategy for its steel unit, which will remain part of the conglomerate after a failed attempt to merge it with Tata Steel. Thyssenkrupp's steel unit has come under pressure due to falling prices and high raw material costs and faces 2,000 job cuts, the same level of layoffs that would have been carried out under the previous merger plans with Tata Steel. Thyssenkrupp Steel Europe's second-quarter adjusted operating profit plunged 81% to 37 million euros ($42.05 million).
Germany's Thyssenkrupp will promote Premal Desai to lead its steel division and restructure the business in the face of dwindling global demand, the elevators-to-submarines group said on Friday. Thyssenkrupp Steel Europe, whose roots go back more than 200 years, has suffered a sharp fall in profits and will bear the brunt of planned job cuts across the group. Of the 6,000 layoffs Thyssenkrupp is planning, 2,000 will come from Steel Europe, more than 7 percent of the division's workforce.
Thyssenkrupp on Friday strengthened its elevator division with a small takeover in the United States, ahead of a planned listing of the 14-billion euro ($15.6 billion) unit which has failed to revive the conglomerate's beaten shares. Thyssenkrupp has been in crisis mode for the past year and only three weeks ago scrapped an old restructuring plan - a spin-off of its capital goods units - in favour of a partial initial public offering (IPO) of its best asset: elevators. While initially welcomed by analysts and investors, shares in the company on Friday gave up all the gains they made following the strategic announcement in a major blow to Chief Executive Guido Kerkhoff's efforts to turn around the group.
Thyssenkrupp on Friday said it bought the elevator unit of U.S.-based Nashville Machine Company, strengthening its own elevator business, which it plans to list on the stock exchange to bring in fresh funds. All of Nashville Machine Elevator's 130 employees will be taken on by Thyssenkrupp's elevator division, which is valued at about 14 billion euros ($15.6 billion), almost twice Thyssenkrupp's current market valuation. Nashville Machine Company has been maintaining and installing elevators for about a century, Thyssenkrupp, which earlier this month unveiled plans for a partial listing of Elevator Technology (ET), said.
Thyssenkrupp on Monday said it was in talks with the CEO of its steel division to end his contract, less than three weeks after the Germany group dropped plans merge the business with Tata Steel's European division. Thyssenkrupp and Tata abandoned the planned steel venture, saying they were not prepared to offer more concessions to European regulators. Thyssenkrupp instead opted to pursue a listing of its prized elevators business.
FRANKFURT/DUESSELDORF, Germany (Reuters) - Thyssenkrupp's supervisory board has left the door open for a potential sale of the group's elevator unit, which CEO Guido Kerkhoff prefers should be listed on the stock exchange, two people familiar with the matter said. The board, which approved Kerkhoff's new turnaround plan on Tuesday, unanimously backed the planned initial public offering (IPO) of a minority stake in Elevator Technology (ET), Thyssenkrupp's most profitable unit. Kerkhoff would have to review any offer for ET made by an outside party for the unit as part of his mandate, even though the listing is his plan A to raise cash and ease pressure on the group's stretched balance sheet, the people said.
Thyssenkrupp's supervisory board on Tuesday said it unanimously approved Chief Executive Guido Kerkhoff's overhaul strategy, including a plan to list its prized elevators unit, the conglomerate said. "We have agreed that the executive board will now work out the concrete plans and begin the implementation," Thyssenkrupp Supervisory Board Chairwoman Martina Merz said in a statement following a meeting of the company's directors.
When Thyssenkrupp CEO Guido Kerkhoff announced plans to list its prized elevators unit last week, he set off a battle for the conglomerate's future that could test Germany's brand of "social market" capitalism. Kerkhoff had little choice but to think the unthinkable when the company's share price sank to a 15-year low on May 8. Now Thyssenkrupp's future is in play, with activist investors on the one side baying for a restructuring of the group to drive up value, and its top shareholder - the charitable Krupp foundation - and workers on the other side with a mandate to protect the unity of the company and jobs.
France's Naval Group would consider buying Thyssenkrupp's marine division if the German steel-to-submarines conglomerate were to offer the unit for sale, a German newspaper cited a source close to the French group as saying. "We will look at the marine business of ThyssenKrupp if it is put on sale," Frankfurter Allgemeine newspaper cited the source as saying. A spokesman for Naval Group said the company had no comment to make on the report.
Shares in Thyssenkrupp rose as much as 7.2% on Thursday after Reuters reported Finnish company Kone is assessing the viability of a bid for the German conglomerate's 14 billion euro (12 billion pounds) elevators division. Thyssenkrupp last week dropped plans to spin off its capital goods business after months of shareholder criticism, and opted instead to list elevators, its most profitable division. Four people familiar with the matter said it was not clear if Kone could fund an all-cash bid and whether or not the deal would face significant anti-trust hurdles similar to Thyssenkrupp's failed steel joint venture with India's Tata Steel.
FRANKFURT/DUESSELDORF, Germany (Reuters) - Thyssenkrupp's elevator business, the conglomerate's crown jewel that it plans to list, saw operating margins fall in the second quarter due to higher material costs that also hit Swiss rival Schindler. The unit, which also competes with Finland's Kone and United Technologies Corp's Otis, is Thyssenkrupp's prize asset and investors have long demanded that it needs to be listed, merged with a peer, or sold. Adjusted operating profit (EBIT) margins at the division, however, fell to 10.6% in the second quarter, down from 11.6% a year earlier, Thyssenkrupp said on Tuesday.
FRANKFURT (Reuters) - Thyssenkrupp's planned stock market flotation of its elevator business is unlikely to happen this year but could take place in 2020, a senior union official said on Tuesday. The elevator ...
Thyssenkrupp's planned stock market flotation of its elevator business is unlikely to happen this year but could take place in 2020, a senior union official said on Tuesday. The elevator unit, whose initial ...
FRANKFURT (Reuters) - Thyssenkrupp will seek other partners for its steel business or explore strategic ways to develop it after a deal to merge the unit with Tata Steel's European division failed, its ...
Thyssenkrupp will still seek partners for its steel operations after abandoning a European merger with India's Tata Steel, Chief Executive Guido Kerkhoff said in comments published on Sunday. Kerkhoff ditched a restructuring plan on Friday, in which the merger was a key part, and resolved instead to transform the steel-to-submarines group into a holding company and list its profitable elevators business. The blueprint will go to a supervisory board vote on May 21.
Management and labour leaders at Germany's Thyssenkrupp have agreed on a way forward after the industrial conglomerate announced a fresh restructuring drive that could lead to the loss of 6,000 jobs. Agreement was reached in talks between management and workers overnight on recognising the need for radical action, whilst ensuring fair treatment of employees at the Essen-based group, both sides said. CEO Guido Kerkhoff announced the overhaul on Friday, ditching plans to split the business into two and abandoning a European steel merger with India's Tata Steel.