Thyssenkrupp plans to split its industrial supplies and materials business into two more focused and efficient independent listed companies.
The two listed companies will still use the names Thyssenkrupp Industries AG and Thyssenkrupp Materials AG. ThyssenKrupp Industries AG will include elevator business, automobile supplier business and core plant construction. ThyssenKrupp Materials AG will include material services, 50% equity of future steel joint ventures, bearings and forging business, shipping business units, engaged in steel, Stainless Steel Production, material Trade and related steel processing.
The size of the two listed companies is comparable: in fiscal year 2016/2017, ThyssenKrupp Industries AG employs about 90,000 people with sales of 16 billion euros; ThyssenKrupp Materials AG employs nearly 40,000 people with sales of 18 billion euros.
Another source said that the Italian Telney Stainless Steel Plant (AST), which is now part of the ThyssenKrupp Material Service Unit, will no longer be available for sale after restructuring.